Technical Update - Apple extends its summer rally closing in on strong resistance
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
After reporting Earnings Apple closed at 161.52 in In After Hours trading yesterday. It means Apple is indicated to open above its 200 SMA and stay above its short-term rising trendline.
There is room up for more upside to the strong resistance at around 166.20. RSI showing positive sentiment indicating higher levels are likely.
If Apple closes above 166.20 the share price could push for 179-180 level with resistance around 171. A close below 150.80 will reverse this bullish outlook.
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