Apple's stock created a sizable gap during the open of Wednesday trading
Shares of Apple Inc. (NASDAQ:AAPL) stock surged and created a daily gap during the open of yesterday’s normal market session. Company shares of “AAPL” stock launched out of a channel formation and broke out above the high of $245.75 observed two previous times, first on August, 26th and following on the 30th of the month. This $245.75 price level had acted as temporary resistance, while share price of the company was trading within this lower channel.
Additional to this aforementioned gap created during the gap from the one formed during the open of yesterday, there still remains one created on the open of August, 11. This poses as a reasonable target area if shares of the company can manage to break above $254.67 observed on August, 18th. On balance volume (OBV) is remarkably high for where value of Apple’s stock currently is in correlation to previous prices seen over the past couple months, this would indicate bullish momentum however it is yet to be determined if it can be sustained.
Apple’s stock has been unable to post a new high since June, 21st. There have been lower highs, coupled with lower lows in share price. Negative divergence found on MACD and stochastic reflect this. Investors would be rightfully pleased if recent bullish momentum can carry share price through. Current pre-market activity has shown a high of $251.65 at 7:24 A.M. Eastern, there has not been a lot of deviation from after hours trading activity observed yesterday.