Sep 25, 2022 (PressReach.com via COMTEX) -- Apple stock /zigman2/quotes/202934861/composite AAPL -0.66% is maintaining its strength despite a general downward trend in the large-cap technology sector . Will it be able to continue to fight the trend, or will it, like everything else, eventually fall to reduced prices?
As US stock indexes come under increased selling pressure, we are seeing a widespread decline in the value of individual stocks. On the other hand, Apple stock /zigman2/quotes/202934861/composite AAPL -0.66% is doing very well considering everything.
The markets had been trying to maintain their position despite the recent selling pressure. Still, they broke down on Wednesday due to the Federal Reserve’s decision to increase interest rates and its intentions to continue raising rates until the end of the year.
Alphabet /zigman2/quotes/202490156/lastsale GOOGL -0.94% /zigman2/quotes/205453964/composite GOOG -0.91% , Microsoft /zigman2/quotes/207732364/composite MSFT +0.33% , and Apple were at the top of their game in terms of mega-cap technology at one time this year.
However, as of right now, Alphabet is no longer included on this list since it has reached new depths of despair. Apple is not doing as well as Microsoft, but Microsoft is not doing as poorly as Apple.
Apple stock /zigman2/quotes/202934861/composite AAPL -0.66% is not the only company that is maintaining its value, but out of the big technology companies , with the possible exception of Tesla (TSLA), it is maintaining its value the best.
After hitting bottom in 2022, Apple stock /zigman2/quotes/202934861/composite AAPL -0.66% has had a spectacular march, increasing 36.5% since then. During one segment of the rally, prices went up for seven out of the previous eight weeks. It was enough for the stock to briefly catapult itself above the downtrend resistance (the blue line), but the bears soon caught up with it
Apple stock /zigman2/quotes/202934861/composite AAPL -0.66% is now trading below all its daily moving averages but is still above the critical zone of $148 to $150. That has been a significant support and resistance region that acts as a pivot. It is also where we discover the moving average for the last 21 months.
This region provided strong support the previous week; however, note how Apple stock /zigman2/quotes/202934861/composite AAPL -0.66% continues to trade above its low from the previous week; this is something that the market as a whole and many other companies are not doing.
If Apple stock /zigman2/quotes/202934861/composite AAPL -0.66% falls below $147, breaking the 61.8% retracement level, it will open the door to the region of around $140. Within this region, we can locate the monthly VWAP measure as well as the retracement of 78.6%.
If that level is broken, then the lows for 2022 will be around $130, with the next important region not coming into play until the zone between $118 and $120.
On the positive side, during the last three weeks, buyers have been reluctant to buy into rallies from $157.50 to $160. This must alter before bulls can enjoy a sustained move higher in price.
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Author: Okoro Chinedu
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