AAPL @ 116.60 – Rising channel signals further upside
AAPL has been rallying through a 4-month rising channel to 118.69 (October 10, 2016 YTD high) before pausing. Given the bullish momentum, scope remains for further upside. A break above the 118.69 resistance level would confirm channel breakout and open 123.82 (November 2, 2015 lower high) next. Above the latter would suggest further strength to challenge the significant 132.97/134.54 resistance zone (July 20, 2015 lower high/April 27, 2015 all-time-high).
However, a downside break below the 111.55 support area would dampen the momentum and indicate further consolidation towards the 102.53 area (September 12, 2016 higher low).
Outlook:
Daily: neutral
Weekly: bullish
Monthly: bullish
AAPL has been rallying through a 4-month rising channel to 118.69 (October 10, 2016 YTD high) before pausing. Given the bullish momentum, scope remains for further upside. A break above the 118.69 resistance level would confirm channel breakout and open 123.82 (November 2, 2015 lower high) next. Above the latter would suggest further strength to challenge the significant 132.97/134.54 resistance zone (July 20, 2015 lower high/April 27, 2015 all-time-high).
However, a downside break below the 111.55 support area would dampen the momentum and indicate further consolidation towards the 102.53 area (September 12, 2016 higher low).
Outlook:
Daily: neutral
Weekly: bullish
Monthly: bullish