Apple Inc. (NASDAQ:AAPL) stock momentum stalls as volume is nearly halved in comparison to Tuesday's trading session
Apple Inc. (NASDAQ:AAPL) stock momentum has stalled during mid-week trading this Wednesday. After seven trading days of straight consecutive daily gains, ‘the machine’ has finally cooled over slightly. Note, today so far is still an overall gain for shareholders, absent the new high so far.
At this moment AAPL has formed an inside bar, which means it has been unable to escape Tuesday’s large trading range. Volume is depleted, and just past 2:00 P.M. Eastern there has only been approximately 50% of shares exchanging hands in comparison. AAPL continues to ride overbought, however it is the norm rather than the exception as it is not unusual.
On balance volume continues to accumulate positive buying pressure which signals a stable foundation for share price with decreased risk of an immediate bearish retrace. Early this morning there was a quick sell off and investors leading up to noon returned to pick up shares, notably after the intraday high had been breached at 11:13 A.M. Eastern.
The $344 price level is acting as resistance and has been touched two times without success of being exceeded. Apple Inc. (AAPL) currently has a market value of $315,489,396,510 at the time of writing and 917,307,000 shares remain outstanding.