What Could Be Next As Apex Technology Heads Toward Resistance?

Apex Technology Acquisition Corp. APXT shares traded higher Monday after retail traders pushed the stock higher.

The stock was trending on social media sites, such as StockTwits, throughout the day. The stock saw above-average volume and trades with a 35 million share float.

Apex Technology was up 4.13% at $11.59 at last check Monday at publication. Below is a technical look at the chart.

Apex Technology Daily Chart Analysis:

• Shares have been trading in a sideways channel and have been trading with higher lows up toward resistance.
• The stock is trading above the 50-day moving average (green), but below the 200-day moving average (blue), indicating the stock is likely consolidating.
• The 50-day moving average may hold as an area of support, while the stock may find resistance near the 200-day moving average.

Key Levels To Watch:

• The stock is trading in the channel and was recently able to find support at the $10 level, an area the stock previously was able to find support.
• The stock has shown resistance near the $12 mark in the past and may find resistance near here again if the price can reach the level.
• If the stock is able to cross above resistance and hold, it may see a strong upward push. If the stock can cross below support it may see a strong downward push.

What’s Next?

Bullish technical traders would like to see the stock make higher lows up toward resistance. If the stock can break above resistance and consolidate above the $12 level it may follow with another leg up.

Bearish technical traders would like to see the stock break below the bottom of the channel. If the stock is able to cross below the $10 support, and the higher low trendline then it may be signaling that the stock is changing trends.

(Photo by Karsten Würth on Unsplash)