Apple’s share price has recently fallen after the company warned that revenue targets will be missed due to the spread of the coronavirus.
Apple stock price analysis shows that the $350.00 level is a valid upside target if bulls can break through the $328.00 level.
Apple US medium-term price trend
Investors remain bullish towards US technology stocks, despite the latest revenue warning and numerous Apple stores having to close in China due to the outbreak of the coronavirus.
Apple stock technical analysis shows that continued gains above the $328.00 level will likely the next upside rally towards the $350.00 level.
The daily chart continues to show Apple’s gravity defying rise, with the stock price recently breaking above a rising wedge pattern.
Profit taking may start to take place from the $350.00 level, as the mentioned time frame continues to show substantial amounts of bearish MACD divergence extending below the $300.00 level.
Apple short-term price trend
Apple stock technical analysis shows that the short-term bullish trend is strong while price continues to trade above the $300.00 level.
Short-term analysis is aligning with medium-term analysis, and highlights a potential advance towards the $350.00 level.
A large inverted head and shoulders pattern with upside potential of around $25.00 has formed across the lower time frames.
Given the overall bullish trend, any dips towards the $310.00 support level are likely to be seen as a buying opportunity.
The mentioned time frame also shows that bearish MACD price divergence is present until the $280.00 level.
With this in mind, a drop under the $300.00 level may cause bulls to capitulate, as the MACD unwinds to the downside.
Apple US technical summary
Apple stock analysis points to more gains towards the $350.00 level if bulls can rally price above the $328.00 level. Caution is advised if the $300.00 level is breached.