Apple iPad event in process. What about the technicals for Apple

The Apple iPad event is ongoing with the company announcing a new iPad air, including first larger version. The new iPad air is 50% faster and has an M2 chip. The price starts at $799.

Other products will also be announced.

What about the price action and the technicals?

Looking at the daily chart above, the price of stock in December reached just short of $200 level and started to rotate to the downside. The low price was then reached on April 19 at $164.08 after taking out the October 26 low at $165.67. Bearish. However, momentum failed and that failure gave the buyers something to lean against. The price started to rotate to the upside.

The earnings from last week (and massive/record $110 buyback announcement) helped to propel the stock sharply to the upside (gapped above those MAs). In the move, the price extended back above its falling 100 and 200 day moving averages (blue and green lines on the chart above). Those levels, in at $180.56 and $181.09 currently

Those two moving averages are now key barometers for both buyers and sellers technically. Staying above those moving averages keeps the buyers more in control from a technical perspective. The low price yesterday dipped at $180.42 (just below the moving averages) before bouncing and closing at $181.71. Moving below (and closing below) would tilt the bias back to the downside and likely disappoint the buyers. Conversely, staying above, opens the door for continued upside momentum. Traders cannot ignore that possibility over time.

The good news is that the support is clear from a technical perspective. Traders can lean against those MA levels. That limits the risk.for traders from a technical perspective.

This article was written by Greg Michalowski at www.forexlive.com.