AAPL stock is trading below a double-bottom pattern entry. The ideal buy point here is 176.75, according to MarketSmith analysis. It has also formed a new handle, which offers a higher 179.71 buy point. That may be the more relevant entry now.
Apple stock recently reclaimed its 50-day line after rebounding from its 200-day moving average. The relative strength line has just hit a new high. A protracted upwards spike could propel AAPL higher once again.
A key point in the favor of Apple stock is the fact it performed better than most stocks, especially techs, during the market pullback.
Apple has seen its Composite Rating shoot up to a strong 95 out of 99. Apple became the first company to reach a market capitalization of $3 trillion earlier this year, though it has now backed off this level.
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