Apple's Bullish Surge - Targeting The $200 Milestone With A Stunning 15% Rally Since October

• Apple saw a 4% decline in smartphone sales during China's Singles Day shopping festival, but Huawei had an impressive 66% sales increase.
• Apple's stock price rose 15% from the October low and breaking through the significant resistance.
• The stock price is up 46% for the 2023.

Consumer preferences can be as volatile as the stock market. Apple Inc's AAPL recent experience during China's Singles Day shopping festival highlights this unpredictability.

Surprisingly, Apple witnessed a 4% decline in smartphone sales compared to the previous year. In stark contrast, Huawei, a Chinese multinational technology company, experienced a staggering 66% increase in sales during the same period.

Despite a temporary decline in sales, investor confidence in Apple remains strong for the long term.

The stability of Apple's stock price, despite fluctuations in sales, demonstrates the company's strong market position and investor trust in its strategic direction.

After a summer slump between July and October, Apple's stock stabilized around $165, finding support at the weekly 50 simple moving average, a critical technical indicator. This support played a crucial role in the stock's significant rebound.

Apple's share price then went on to surpass the previous high of 2022. The resistance level was not enough for the momentum to slow the price down.

The stock has seen a 15% increase since October, reflecting a strong bullish sentiment among investors.

Apple is now approaching a critical juncture. The next major resistance lies at the all-time high of $198, a stone's throw away from the psychologically significant $200 mark.

Breaking through this level could signal the inception of a long-term bullish trend for the tech giant.

After the closing bell on Wednesday, November 22, the stock closed at $191.31, trading up by 0.35%.