Apple Inc. (NASDAQ:AAPL) shares are trading higher Monday, continuing the bullish momentum after the company announced better-than-expected fiscal first-quarter financial results last week. Apple continues to rise and push further away from the higher low trendline.
Apple was up 1.78% at $173.37 at time of publication.
See Also: Could Apple Stock Be In for A Bumpy Ride Later in 2022?
Apple Daily Chart Analysis
- Shares broke out of what traders call an ascending triangle pattern and were able to hold the previous resistance level as support. This shows the stock is seeing bullish momentum and may continue to climb.
- The stock trades above both the 50-day moving average (green) and the 200-day moving average (blue). This indicates the sentiment is bullish, and each of these moving averages may hold as an area of support in the future.
- The Relative Strength Index (RSI) has been flying higher the past few days and now sits at 57. This shows a strong buying presence has entered the market, which caused the recent jump in price. If the RSI continues to stay above the middle line, the stock may continue on its bullish run.
What’s Next For Apple?
Apple being able to hold the previous resistance level as an area of support is a bullish sign for the stock. Now that the shares are trading above both moving averages, that also shows bullish sentiment for the stock.
Bullish traders want to see the stock be able to hold above the moving averages and continue to form higher lows.
Bearish traders are looking to see the stock fall below the moving averages and push back below the $155 level.
