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Is Apple Setting Up For Fresh Rally Leg?

By Gary S. MorrowStock MarketsJun 14, 2021 04:06PM ET
www.investing.com/analysis/is-apple-setting-up-for-fresh-rally-leg-200586051
Is Apple Setting Up For Fresh Rally Leg?
By Gary S. Morrow   |  Jun 14, 2021 04:06PM ET
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Apple Daily Chart.
Apple Daily Chart.

Is Apple (NASDAQ:AAPL) setting up for a fresh rally leg? Shares are moving well as the new week begins. At midday, the stock was up 2% and is one of only three gainers on the Dow Jones Industrial Average. This gain has lifted AAPL to new June highs as the 2021 consolidation continues.

Apple has been moving sideways since last September. A clear break above the May highs could bring an end to this phase with an upside breakout.

AAPL has solid footing in place. The 200-day moving average has held multi-week lows since early May.

The stock is far from overbought. Despite trading at just 10% below the all-time highs set back in January, the daily MACD remains below neutral while the weekly indicator is far below the levels reached in September of last year.

We believe AAPL is a fairly low-risk buy at current levels. On the downside, a close back below $123.00 would violate the June lows indicating more consolidation is ahead.

Note: We are long AAPL in some managed accounts.

Is Apple Setting Up For Fresh Rally Leg?
 

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Is Apple Setting Up For Fresh Rally Leg?

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Comments (2)
Rambi Zambi
Rambi Zambi Jun 15, 2021 12:00AM ET
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Shortcovering will start 4 AM
Obumneme Peter
Obumneme Peter Jun 15, 2021 12:00AM ET
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Gene Kret
Gene Kret Jun 14, 2021 11:27PM ET
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Gigantic Short coming for Apple.... gigantic, like never before!!!
Julius Olarinde
Julius Olarinde Jun 14, 2021 11:27PM ET
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hello
Edward Chong
Edward Chong Jun 14, 2021 11:27PM ET
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wow wow ! how u know Haha
 
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