After about a period of downward momentum, Apple Inc. (AAPL) started to breakout on Thursday.
We saw new higher highs and new higher lows – which indicates the technical uptrend that began at the start of the year is continuing. The share price has moved from $125 all the way up to $170.
This is a big week for AAPL with earnings coming on May 4.
Looking at the MACD, it’s been sideways to down for the last few weeks… but it may just cross back up to the bulls just before earnings, as well.
If Apple continues this move, I’d say the next target is $176. After that we’ll be looking for all-time highs around $180/$183.
Normally, when you break out of a pattern like this, you do hit all time highs.
Now, AAPL would have to have amazing earnings for this breakout to happen, of course.
But if it’s anything like what’s been happening with tech, we’ve got a pretty good likelihood of that happening.
We’ll talk again – post-earnings – next Monday.
Enjoy your week!
Micah
