Apple Inc (NASDAQ:AAPL) shares are moving higher on Wednesday, extending last week's post‑earnings rally and showing an especially strong move in today's session.
The stock's strength stands out, especially with the S&P 500 and Nasdaq both under pressure today, with the broader Technology sector is down 2.41% today
Why Is Apple Rising Even As The Broader Market Declines?
Apple's market share jumped to 69% in the fourth-quarter, up from 65% a year ago, powered by strong demand for the iPhone 16e and the newer iPhone 17 lineup. AT&T Inc (NYSE:T) also played a major role, reporting that 89% of its device sales were Apple products, which is the highest share the carrier has ever recorded.
Counterpoint analysts noted that premium devices typically dominate fourth‑quarter sales due to aggressive postpaid deals, and Apple was a big beneficiary.
Technical Setup Shows Bullish Momentum
Apple is currently trading above its key moving averages, suggesting a bullish momentum in the market. The stock’s position above the 20-day, 50-day and 100-day SMAs indicates strength, while the 200-day SMA provides a solid foundation for potential upward movement.
With an RSI of 61.97, Apple’s stock is in neutral territory, suggesting there's room for further upward movement, but traders should be cautious of any sudden shifts in momentum. MACD is above its signal line, indicating bullish momentum for Apple.
Key support is at $243.50, while resistance is set at $277.50. If Apple’s stock tests these levels, a breach above resistance could signal a continuation of the uptrend, while a drop below support might indicate a reversal.
The golden cross in September, where the 50-day SMA crossed above the 200-day SMA, marked a significant shift in trend. This crossover often signals a longer-term bullish outlook, reinforcing the current positive sentiment around Apple Inc.’s stock.
Over the past 12 months, Apple’s stock has gained 18.28%, reflecting a strong upward trend. This performance highlights the stock’s resilience and potential for further growth as it navigates through market fluctuations.
Positioned at 88.9% of its 52-week range, Apple’s stock is nearing its highs, which indicates strong demand. This positioning suggests that traders should remain vigilant for any signs of exhaustion or reversal as the stock approaches resistance levels.
AAPL Price Action: Apple shares were up 2.95% at $277.46 at the time of publication on Wednesday, according to Benzinga Pro.
Image: Andrey Bayda/Shutterstock
