Apple share price action on the Nasdaq 100 is moving on a positive note today, as the stock has enjoyed patronage from investors in what has been a good day for the US markets. Despite the record increase in the number of unemployed people filing for benefits for the first time in the US, the US markets paid no attention to the weak data and instead focussed on the stimulus package which is expected to bring relief to the situation. Apple share price is currently up by 2.83%, taking it further north toward the resistance formed by the 8 November and 3 December 2019 lows at 257.06.
Read our Best Trading Ideas for 2020.
The decision by the Chinese government to ease movement restrictions in the coronavirus-plagued Hubei Province and gradual reopening of factories and business is a positive development for Apple. The company closed all its stores at the same time that the coronavirus outbreak raged in that country. Investors are hopeful that if China maintains the control it has been able to assert over the epidemic in that country, then Apple can get back into business there.
Continued positive sentiment around Apple could send the stock further north, targeting the resistance at 257.06. A break above this level targets the November 2019 highs at 267.59. The previous lows of 20 December 2019 and 2 March 2020 at 278.90 could become relevant if price recovery continues.
On the flip side, failure to break 257.06 could allow Apple share price activity to retest the 237.55 and 224.29 price support levels, the latter of which harboured a hammer candle that allowed prices to bounce on Monday.