Apple Inc. shares are trading higher Friday after the company announced better-than-expected fiscal first-quarter financial results.
Apple reported quarterly earnings of $2.10 per share, beating the $1.88 estimate. The company reported quarterly revenue of $123.9 billion, beating the estimate of $118.28 billion.
Apple was up 5.75 percent at $168.38 midday Friday.
Apple Daily Chart Analysis
Shares have broken out of what traders call an ascending triangle pattern and saw a jump higher. More recently, shares fell back toward the $155 level and are holding this area as support, looking to see a bounce.
The stock trades below the 50-day moving average (green) but above the 200-day moving average (blue). This indicates the stock is in a period of consolidation.
The 50-day moving average may hold as an area of resistance, while the 200-day moving average may hold as an area of support.
The Relative Strength Index (RSI) saw a jump higher Friday and now sits at 49. This shows that the stock is seeing more buyers moving into the stock. The RSI shows that buyers are now almost equal to the amount of sellers.
What’s Next for Apple?
Apple bouncing off the $155 level is a bullish sign for the stock as it is finding buyers where it once found sellers. Bullish traders are looking to see the stock continue to trend higher along the higher low trendline and cross above the 50-day moving average.
Bearish traders are looking to see the stock fall back below the $155 level and cross below the higher low trendline. This could cause the stock to begin a longer-term bearish trend.
By Tyler Bundy
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