The undisputed tech stocks leader Apple (AAPL) continues to chug along trading at nearly $200 per share.
That’s impressive for several reasons. But as its market cap registers in the super mega cap space, it’s fair to wonder about sustainability of a rally like this over the coming weeks/months.
But we won’t get into that right now. Today, I want to point out another price reference point that I believe has value. The $200 level. It’s a psychological resistance level… a level that gives investors pause to reflect on the valuation and just how far it’s come.
This can also show up in a “pause” in the trading price. Simple chart below to highlight this and the possible bumpy consolidation that may continue on any moves into the $195 to $205 area.
Note that the following MarketSmith charts are built with Investors Business Daily’s product suite.
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$AAPL Apple Stock Chart
The author may have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.