Is Apple overbought after a huge run?
Apple has been ripping thanks to strong demand for its iPhone 11. The move began in early October after suppliers reported a surge of orders. Then AAPL reported strong quarterly results on October 30 as users fell in love with wearable devices and signed up for new services.
But has the good news been priced in for now? Some chart studies show AAPL is potentially at some historically overbought levels. See the white dotted lines on the lower studies.
Stochastics are at the top of their long-term range near the maximum 100 reading.
RSI is pushing 80, which marked tops most times in the past for AAPL.
This chart additionally has a custom indicator showing AAPL’s distance from its 50-day simple moving average (SMA). Its value around 13 percent is also near the highest levels over the last 3-4 years.
AAPL has a lot of positives working in its favor, especially buybacks and the prospect of 5G phones next year. But it’s now getting up toward levels where some traders may start trying to lock in their gains.
But has the good news been priced in for now? Some chart studies show AAPL is potentially at some historically overbought levels. See the white dotted lines on the lower studies.
Stochastics are at the top of their long-term range near the maximum 100 reading.
RSI is pushing 80, which marked tops most times in the past for AAPL.
This chart additionally has a custom indicator showing AAPL’s distance from its 50-day simple moving average (SMA). Its value around 13 percent is also near the highest levels over the last 3-4 years.
AAPL has a lot of positives working in its favor, especially buybacks and the prospect of 5G phones next year. But it’s now getting up toward levels where some traders may start trying to lock in their gains.
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