Apple looks for support

Source: Dukascopy Bank SA


The news that Apple no longer is the most valued company in the world by market capitalization have prompted for a review of the company's chart. Meanwhile, note that Apple was overtaken by Microsoft. Microsoft has continued to gain due to growing cloud and AI services sector. However, Apple appears to have lost market share in China, as the Chinese consumers switch to local produced smartphones.

From a technical perspective, the stock price has been failing to pass a resistance range at 195.00/200.00. The range has kept the share price down since mid-2023. In the meantime, support is found in the 179.75/182.20 zone and the 200-day simple moving average. However, the moving average failed to hold on February 1 and could fail once again.

A recovery of the stock price could be slowed down by the 50-day simple moving average near 190.00, before the 195.00/200.00 range would be tested once again.

On the other hand, a decline below 179.75 is expected to reach for the 165.00/170.00 zone's support. Although, take into account hat the 175.00 level could act a support.
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