Apple Inc Is The Last Standing Tech Company

As a result of the renewed selling pressure on US stock indices, we are witnessing stock prices falling left and right. On the other hand, Apple Inc (NASDAQ: AAPL) continues to do admirably. 

The latest agony started last week with the hotter-than-expected inflation report, which resulted in the worst one-day trading session for the S&P 500 in two years. This session was the worst for the S&P 500. 

Despite attempts by markets to maintain their positions in the face of recent selling pressure, calls went into a downward spiral on Wednesday as a direct result of the Federal Reserve’s decision to raise interest rates and its plans to continue doing so until the end of the year. 

Alphabet (GOOGL) (GOOG), Microsoft (MSFT), and Apple were at one point this year considered to be the most successful mega-cap technology companies. 

But as we can see now, Alphabet is no longer included on this list as it continues to reach new lows. Apple Inc (NASDAQ:AAPL), on the other hand, is doing better than Microsoft despite both companies’ struggles. 

Dealing in Apple Inc Shares 

Apple Inc stock isn’t the only stock that’s performing well, but compared to the other prominent tech names — with the possible exception of Tesla (TSLA) — it’s serving the best. 

The price of Apple Inc (NASDAQ: AAPL) shares has made a remarkable comeback from its low in 2022, increasing 36.5% since then. During one portion of the upswing, the market advanced seven out of every eight weeks. 

It was enough to briefly send the stock over the downtrend resistance (the blue line), but the bears soon caught up. 

Apple’s stock price currently sits above the pivotal range of $148 to $150, despite being below its daily moving averages. That has been a critical zone that pivots between support and resistance. Additionally, the moving average over the past 21 months may be found here. 

This region provided strong support throughout the prior week; nevertheless, note how Apple stock has managed to maintain its position above the low reached during the preceding week; this is something that the market as a whole and the majority of other companies are unable to do. 

If Apple Inc (NASDAQ: AAPL) stock falls below $147 and breaks the 61.8% retracement level, the range around $140 becomes a viable target. We can discover the 78.6% retracement and the monthly VWAP measure in this region. 

If it breaks below that level, the lows for 2022 will be under $130, and the following key area won’t become relevant until the zone between $118 and $120. 

During the previous month and a half, bulls are selling off rallies into the region between $157.50 and $160. Bulls must shift to enjoy a sustainable surge to the upside.

Featured  Image: Megapixl © Bedo

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About the author: Valerie Ablang is a freelance writer with a background in scientific research and an interest in stock market analysis. She previously worked as an article writer for various industrial niches. Aside from being a writer, she is also a professional chemist, wife, and mother to her son. She loves to spend her free time watching movies and learning creative design.