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Update: Apple ( AAPL ) stock rose 1.2% to 111.75 on Wednesday morning, retaking its 200-day moving average after several big-cap peers did so on Tuesday. But can the iPhone maker finally close above this level, and turn resistance into support * * * Netflix ( NFLX ), Schlumberger ( SLB ), AbbVie ( ABBV ) and MasterCard ( MA ) all rose above their 200-day moving averages Tuesday, while Apple shares continued to close just below that support level. It’s not a huge surprise that several big-cap stocks retook their 200-day lines. The Nasdaq also did so on Tuesday. The Dow and S&P 500 have been above that level for weeks. Still, it’s a key step on the road to recovery. Netflix Netflix, which reports Q1 earnings on Monday, rose 4.2% on the stock market today to 107, its best level since late January. Netflix had run into resistance for several sessions just below the 200-day. Netflix has been consolidating since peaking at 133.27 on Dec. 7. (Netflix jumped 3.3% Wednesday morning to its highest since mid-January.) Schlumberger Schlumberger rallied along with the energy sector, as crude futures rose above $42 a barrel to a 4-month high. Schlumberger rose 2.7% Tuesday to 75.90, topping its 200-day line for the time since last June. (Schlumberger rose fractionally Wednesday morning.) AbbVie AbbVie rose 2.4% Tuesday, just getting above its 200-day line. It hasn’t been consistently held above that level since last August. Late Monday, the FDA approved a leukemia drug by AbbVie and Roche ( RHHBY ) unit Genentech. (Wednesday morning, AbbVie fell 1.6%, once again dropping below the 200-day.) MasterCard MasterCard rose 0.4% Tuesday to 93.86. The stock has been finding support at or above its 200-day line for the past few weeks. The stock is forming a cup-with-handle base going back to Nov. 11. (On Wednesday morning, MasterCard rose 1%.) Apple As for Apple, shares rose 1.3% to 110.44 on Tuesday, just below the 200-day line at 110.78. Apple crossed its 200-day on April 4 intraday, but has yet to close above that level since early October. Scalper1 News
Scalper1 News