Apple stock price tests $204 resistance as bullish momentum faces key technical hurdle
Apple stock stabilizes above $203 as buyers attempt to break out of a multi-week downtrend
Apple Inc. shares closed at $203.27 on June 3, posting a narrow gain of 0.06% as price action edged into a key resistance zone near $204. The move continues a broader effort to reclaim territory lost in May, but the stock remains confined within a macro-level descending channel.
Key highlights
- Apple stock ends at $203.31, approaching $204.20 resistance, with short-term EMAs offering support.
- Momentum indicators flash bullish signals, but show signs of slowing on lower timeframes.
- Fibonacci resistance and the daily descending channel remain key barriers to medium-term reversal.
Investors now turn their focus to whether Apple can break above near-term supply and build momentum toward higher levels.
Short-term structure favors buyers but resistance looms
On both the 30-minute and 4-hour charts, Apple is pressing against a resistance band between $203.50 and $204.20—an area where multiple rallies failed in late May. The price currently holds above the 20 and 50 EMAs, which are stacked bullishly between $201.99 and $203.49, reflecting ongoing buyer interest. However, the 100 and 200 EMAs, situated at $207.17 and $213.81 respectively, continue to cap broader upside.
Apple stock price dynamics (Source: TradingView)
The RSI remains elevated at 65.39, indicating strong momentum, but also signaling a potential pullback or pause. MACD is in bullish territory, though its flattening histogram points to reduced acceleration. Overbought readings on the Stochastic RSI also suggest some caution may be warranted heading into June 4.
Higher timeframe resistance defines the breakout test
The Ichimoku Cloud confirms short-term bullish structure on intraday charts, with price hovering above the cloud and a favorable Tenkan-Kijun crossover in place. Still, resistance near $204.50 may challenge further upside.
On the weekly chart, Fibonacci retracement from the $259.47 peak to the $168.99 low places the 0.382 level directly at current price. A decisive close above $204.20 could open a path to $206.70 and $210.50, while a rejection could drag price back toward $200.90 or as low as $198. A break above $210.59 would be needed to confirm a medium-term trend shift.
In prior technical reviews, Apple’s structure was noted to be building higher lows while testing overhead resistance bands. That dynamic continues to play out, with the $204–$206 zone serving as a key litmus test for bullish continuation.
