In the daily price chart, it shows the 50 SMA (green) has been rising since early August, and the 20 EMA (blue) has been in a rising trend since July. Both of these moving averages are above the 200 SMA (red). Although the 200 SMA still in a decline, but the rate of the decline is leveling off. AAPL's stock price has been hovering near the 78.6% Fib retracement and has been bouncing off the medium term moving average. The recent price actions demonstrate AAPL could be attempting to establish a level of support near the 470-490. If the price could move above 508, then AAPL has cleared a major resistance level that could be preventing it from possibly move up to 539-555.
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In the near term, the 30 minutes intraday chart highlights the 492 as the resistance level for AAPL, and a rising trend line showing AAPL needs to hold above the 480 level in order to continue its recovery from the recent slide. If AAPL breaks above the 492 level, then the August closing high near 407.74 could be the potential short term price target.
Although AAPL price action appears to be choppy on the surface, but beneath the noise it is building a pattern for a possible new uptrend. Until a series of higher-low/higher high has been established and the price is able to move above the resistance level near 508, one should contain the enthusiasm to initiate a long position. In the meantime, keep a watchful eye on the price actions and the levels that have been mentioned here for signs of a new uptrend from AAPL.
