Update on Apple stock pric action and daily chart, end of 6th June, and before FOMC meeting

Apple stock end of day, 11 June 2024, before the FOMC meeting
Apple stock end of day before the FOMC meeting
  • πŸš€ Apple stock broke OUT UP at POINT 3 IN THE ABOVE DAILY CHART, surpassing the green resistance line! πŸ“ˆ
  • ⚠️ Traders should watch the next junction at the red resistance line at point 4.
  • 🚧 Overhead resistance potential at the orange line. πŸ“Š
  • πŸ“‰ Green line support potential below.
  • πŸ•°οΈ FOMC meeting tomorrow is critical for market reaction! πŸ”
  • 🧐 Watch for a potential fake out or confirmation of the breakout based on Apple and OpenAI cooperation. 🀝

Stay sharp and ready for action! πŸ”₯πŸ“ŠπŸš€

Apple stock technical analysis following AI strategy launch event πŸ€–

Hello, this is Itai Levitan from ForexLive.com, providing a detailed technical analysis of Apple stock after the company unveiled its Apple Intelligence (AI) strategy. This analysis examines the market's reaction and the implications for investors and traders. πŸ“ˆπŸ“‰

Event overview and market reaction 🌟

Apple's recent launch event introduced its AI features, generating significant interest among market participants. However, the reaction from the market has been less than favorable, with a failed breakout at a key resistance and trend line. This response suggests a bearish sentiment, as evidenced by the 1.91% drop in stock price following the event.

Key technical points πŸ“Š

  1. Daily time frame analysis
    From what I see and show in the above video, the analysis starts with the daily time frame, marking the first touchpoint at the beginning of 2018. The second touchpoint followed, and now the third touchpoint appears to have failed near key resistances at 197.18 and 199.10, which is the all-time high so far.

  2. Failed breakout 🚫
    It seemed like the stock was poised to break above the long trend line, but it was halted at the high of July 19, 2023, at 197.4. This failed breakout, combined with the 1.91% drop today, indicates a bearish trend. But since we have an important inflation report and FMOC tommorrow - 12 June 2024 - then careful investors in APPL stock may want to see the continuation... Does it continue to be a failed setup.

  3. Watch the gap
    If the continuation, as mentioned above, exists for the failed brealkout, then yhere is also a notable gap from previous earnings at 175.79, which may be filled if the stock continues to decline.

  4. Market uncertainties
    The current market reaction might still show some volatility, especially with the upcoming FOMC meeting and an important inflation report. These events could further influence the stock's direction.

Apple stock technical analysis following AI strategy launch event
Apple stock technical analysis, AI strategy launch event πŸ€–

Next to watch for Apple stock at this key technical junction 🧐

Keep a close watch on Apple stock for any signs of a continuation of the failed breakout. We need to wait for tommorrow and even end of this week but for now, with limited information ( and the FOMC meeting might be a game changer )APPL stock's reaction looks bearish. I mean, if yesterday was so great, would the stock not break up through that key resistance?

Always trade Apple stock at your own risk and stay informed with the latest analysis from ForexLive.com. πŸ“²πŸ“‰