Technical Analysis – Apple stock eases from record high
Apple shares post a fresh all-time peak
Stock pares some gains after advance got overstretched
Oscillators ease from overbought conditions
Should the recent pullback extend, the price could initially test 191.11, which is the 78.6% Fibonacci retracement of the 198.08-165.50 downleg. Further declines might then come to a halt at the 61.8% Fibo of 185.63. Even lower, the 50.0% Fibo of 181.79 may provide downside protection.
On the flipside, if bullish pressures strengthen, the price could revisit its recent all-time high of 199.40. A violation of that level would send the stock into uncharted waters, where the 123.6% Fibo of 205.77 could prove to be a tough barricade for buyers to conquer. Should that hurdle fail as well, the next major target could be the 138.2% Fibo of 210.53.
In brief, despite the latest pullback from its all-time high, Apple’s stock retains a bullish technical structure. However, a failure to post a fresh higher high could easily spark a deeper correction.Related Assets
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