After last session’s rise, a few cents remain left for my reported scenario of new price records for AAPL before year-end to be realized. Good results helped the stock open with a gap up and retain most of its intraday gains. The daily trend is now positive and will remain so as long as price trades higher than $100. On a medium-term basis AAPL needs to breakout from the 98-103 range of the last 2 months. In this case, $108 will offer a nice upside target. Given the stock’s relative strength opposite the rest of the market, I believe that AAPL will move higher from here.
AAPL, daily chart(3 months):
Chart courtesy of StockCharts.com. http://stockcharts.com
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