Apple Inc. (NASDAQ:AAPL) is one of the rare leading stocks that has managed to trade into positive territory this morning. The leading tech stock is trading higher by $1.20 to $358.40 a share. Apple stock continues to lead the markets. The stock has rallied higher by $48.00 since it’s pivot low on June 20, 2011 when the stock traded as low as $310.50 a share.
Traders and investors must take note that the stock is very extended and overbought on the daily chart. After a strong surge on the daily chart, APPL stock will likely need to pullback or consolidate before moving higher. Traders must be cautious when trying to buy stocks at extended daily chart levels.
Most leading technology stocks are trading sharply lower this morning. Google Inc. (NASDAQ:GOOG), Amazon Com Inc. (NASDAQ:AMZN), and Netflix Inc. (NASDAQ:NFLX) are all under selling pressure today. Traders must be careful when stocks become very stretched and extended. That is exactly what happened to all of the these leading technology names that are declining this morning.