Apple (AAPL) stock is again back in the spotlight on Tuesday.
Not that it’s hard for the tech giant to find itself there, but it comes as the stock makes another push back to the $3 trillion market cap level.
To get there, Apple stock needs to climb to roughly $182.85 — let’s just call it $183.
What’s been difficult is that the $180 area has become an area of resistance.
We have actually been pretty fortunate when it comes to trading Apple stock.
On its first push to the $3 trillion level, we were selling the news and looking for a bearish reversal.
That worked out as Apple corrected lower. However, that set up a pretty sweet bounce play that has been paying traders pretty well over the past few days.
At the risk of over-saturating our Apple discussion, how do the charts look now as it makes another push back up toward this key zone?
Trading Apple Stock
Apple’s powerful bounce off the 21-day moving average and rotation up through the 10-day has given the stock new life.
However, this $180 zone has been tricky thus far. One will notice how the stock tested up into this area on Tuesday and then struggled.
It’s not unlike what we’re seeing with Meta (MVRS), although admittedly, the stock is not trading at all-time highs.
From here, bulls want to see a push up through the all-time high, at $182.13. That opens the door directly to the $3 trillion market cap level — at $182.85-ish — and more new highs.
The flip side of that scenario is that the $180 area holds as resistance.
In that case, I want to see the 10-day moving average hold as support on the pullback. A break of this level puts the 21-day moving average back in play again, but it would be much healthier for the former to hold as support and for the latter to not be tested.
In either scenario — the breakout or the pullback — investors will ultimately be looking for $3 trillion and new all-time highs eventually.
When Apple gets there — not if — it will have longer-term bulls sniffing for the $188 to $194 area, where the stock finds multiple upside extension levels.
Above $195 and the obvious is in play: $200.