Apple Back Above 50-Day Moving Average

 |  About: Apple Inc. (AAPL)
by: Bespoke Investment Group

Apple (NASDAQ:AAPL) is now one of the -- if not the -- most important individual stocks for investors to follow. It recently overtook Microsoft (NASDAQ:MSFT) to become the second largest company in the US behind Exxon Mobil (NYSE:XOM), and it has a ridiculously large weighting in the Nasdaq 100. So whether or not its shares are in your portfolio, it likely has an impact on the direction of your portfolio simply because of its impact on the direction of the broad market.

Apple has struggled since the April 23rd market peak, but it has been able to hold off completely breaking down technically like a lot of stocks. It has basically traded in a range from $235 to $263 over the last month or so, and it is now just about in the middle of that range. On Friday, the stock did manage to close back above its 50-day moving average. The next stop on the upside is another test of the top end of its range at $263 or so. A break above that resistance will likely mean a new all-time high.

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