Apple Stock Struggles With $180 Resistance
Apple (AAPL) stock is in position to possibly make a big move back towards $200 a share and new highs, the problem right now comes with some stubborn resistance at $180.
If Apple can break through this newly found barrier then the next key price level for the stock will be the $190 mark which could also prove to be a tough competitor for bulls. Take a look at this stock chart of AAPL to view the current support and resistance:
Breaking down this chart of Apple it is important to note:
Points 1 and 2 help form the key $180 price resistance which Apple has struggled to recently break. This is very important for all investors because for those looking to buy into the stock $181 for example could be a great entry point.
Point 3 helps us see where Apple most recently broke through resistance and more importantly should receive support if the stock continues to come down in price. It is very common to see old resistance turn into newly found support once a stock decides to make a move.
Finally Point 4 gives us a look at the daily volume which can be seen as recently declining. When building any base investors always look for lighter volume while the stock forms the base and heavy above average volume when the stock breaks out of the base.
Moving ahead look for Apple to continue to form a possible base and try to make a strong push past key $180 price resistance. Beware though of the overall market which always weighs on individual stocks like Apple. Is this this the perfect setup we’ve been waiting for?
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I think that the market is going to continue to slide and that will not allow apple stock to break free completely.
once the market turns the corner though I would watch out.