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Apple Inc. (NASDAQ:AAPL) appears to be breaking out. This means the shares could continue to move higher.
Resistance is a large concentration of sell orders at, or close to, the same price. Sometimes rallies end or pause when they reach a resistance level, but if a stock moves higher than the resistance, traders say it is a breakout.
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As you can see on the following chart, there has been resistance for AAPL at the $151 level. It seems to be breaking.
This has bullish implications because it means that the investors who created the resistance have left the market. They have either finished or canceled their orders.
With this large amount of supply taken off the market, buyers will have no choice but to pay higher prices if they want to complete their orders. This could force the stock into a rally.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.