Apple forms bullish golden cross chart pattern for first time since March

Apple ‘s chart is showing a change that can indicate upside momentum ahead. The maker of iPhones and iPads has formed a “golden cross,” a technical indicator signalling when a stock’s moving average over the last 50 days rises above the same moving average tracking the last 200 days. The crossing of the two lines on a stock chart can be taken as a bullish signal that shares have strong upward momentum over the longer term and have risen above a technical resistance level. It’s the first time Apple has entered a golden cross formation since March. This comes after Apple’s big developer conference on Monday , which centered centered around its push into artificial intelligence with Apple Intelligence, a slate of AI tools that will be available for the iPhone, iPad and Mac. It was one of several unveilings tied to AI that has become a fixation on Wall Street and in Silicon Valley. Apple also announced OpenAI’s ChatGPT is coming to Siri and that devices will have custom, AI-powered emojis. Shares have risen around 8.3% so far this week. If that holds through Friday’s session, it would mark the stock’s best weekly performance since December 2021, when shares climbed more than 10% in a week. Despite the outperformance, Apple shares have advanced less than 11% this year, underperforming both the broad S & P 500 and technology-heavy Nasdaq Composite . While the golden cross can indicate upside momentum, Wall Street expects a correction ahead. Though the average analyst polled by LSEG has a buy rating, their price target implies Apple shares will slip more than 3% in the coming year. AAPL 5D mountain Apple, 5-day