Apple Inc. (NASDAQ: AAPL) stock was trading in sync with the Dow Jones Industrial Average on Thursday.
Overall, the tech stock has been trending upwards in a large channel. The price looks to be near the bottom of the channel following a large sell-off.
Apple Technical Levels To Watch: The daily chart above shows the stock has been uptrending overall and has started to trade in a channel that is trending upward.
The most recent high, near $145, is connected to a previous high near $137.
Connecting the low on the chart will also give a technical trader a potential base the stock may bounce near.
Bulls will remain happy as long as the stock can continue in this uptrend. If the stock were to break above resistance and consolidate, it may be able to make a further upward move.
Bears would like to see the stock fall through the potential line of support made by connecting the lows. If the trendline from connecting the lows breaks, a further selloff is possible.
A period of consolidation may be necessary after breaking the lows before a further selloff.
As of Thursday’s trading session, the top of the channel is at a level near $148. The bottom of the channel is near $116.
It is important for technical traders to have caution and to note that these levels are not an exact science and they may need some wiggle room or potentially may not act according to technical analysis.
Apple is trading with a market cap of $1.99 trillion.
Courtesy photo.
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