Apple Inc. AAPL shares are trading higher by $1.76 at $95.40 in Tuesday's session. It is attempting to end an eight-day losing streak that began four days ahead of its Q1 report.
Apple bears are now being forced to cover their shorts on strength as opposed to weakness, as the issue would not breach its major support at the $92–$92.50 area.
After a higher open, it retreated, but found support just ahead of Monday's close ($93.64), only reaching $93.68 before turning higher.
The ensuing rally has taken the issue to $95.60 and is it not far off that level. There is very little resistance based on the daily until late Thursday's high at $97.88. That was the high one day after its Q1 report when Carl Icahn took to airwaves to publicly announce he had exited the issue.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
