Air Products & Chemicals stock price may peak at the $350 mark by the end of 2023. However, for APD shares to reach the recovery level, it must hover inside the ascending parallel channel. Air Products stock is currently trading towards the lower trendline of the rising parallel channel. Meanwhile, APD shares need to sustain above the 20-EMA to remain in the recovery phase.
Analysts from an esteemed financial firm believe that APD stock may reach $350 by the end of 2023. However, APD shares must maintain its instance inside the recovery pattern to surge maximum. Investors in Air Products & Chemicals, Inc. (NYSE: APD) needs to currently wait for any directional change over the daily time frame chart.
APD stock price was at $302.11 and lost 1.30% of its market capitalization during the Friday’s trading session. Trading volume was above average in favor of sellers. Now, APD shares need to attract buyers in order to push the volume change and initiate recovery.
APD Stock Must Avoid This to Surge
APD stock price has been rising through an interesting ascending parallel channel over the daily time frame chart. After gaining support from the $281 level the stock has been continuing to surge from August 2023. Meanwhile, APD shares are trading above 20, 50, 100 and 200-days daily moving averages. APD stock must sustain above 20-EMA in order to recover towards the $307.93 primary resistance.
Instead of falling below the 20-EMA, APD share price may sustain near the $315 mark which is the secondary resistance level, to continue its recovery towards the $320.70. Afterwards Air Products stock may surge towards the $350 recovery level through the $328.70 resistance by the end of 2023.
Air Products & Chemicals, Inc. (APD) stock price gained around 3.29% in a week and 5.95% in a month. Moreover, APD shares surged 3.71% in the last three months and 7.78% in the last six months. Nevertheless, APD share slumped around 2.56% year to date.
Technical indicators suggest a downside trend for APD stock. Relative strength index and moving average convergence divergence both confirm the declining momentum of APD.
RSI was at 58 and is heading towards neutrality from the overbought territory. The MACD line is about to cross the signal line downwards, registering a negative crossover. Investors in Air Products & Chemicals, Inc. (NYSE: APD) needs to currently wait for any directional change over the daily time frame chart.
Summary
Air Products & Chemicals stock price may surge up to the $350 mark by the end of 2023. Analysts from an esteemed financial firm believe that the stock price of APD may reach $350 by the end of 2023. After gaining support from the $281 level it has been continuing to surge since August 2023. Technical indicators suggest a downtrend for APD shares.
Technical Levels
Support Levels: $300.75 and $298.85
Resistance Levels: $307.93 and $315.00
