Apple ( AAPL) is one of the most closely watched and analyzed companies on Wall Street. It has been a bellwether for the market so a fresh review of the charts and indicators of AAPL is often on my "to do" list.
In this daily Japanese candlestick chart of AAPL, below, we can see some positive clues. Prices have been in a sideways consolidation pattern since February. Higher lows can be seen in March and May while lower highs are visible in February and April. Right now we could be witnessing an upside breakout over the April highs.
AAPL is trading above the flat 50-day moving average line and the flat 200-day moving average line.
The On-Balance-Volume (OBV) line has been soft since February so we are waiting and watching for renewed strength. The Moving Average Convergence Divergence (MACD) oscillator has just crossed above the zero line for a new outright buy signal.
In this weekly Japanese candlestick chart of AAPL, below, we can see the consolidation pattern from a different perspective. Prices have moved sideways this year with two successful tests of the rising 40-week moving average line.
The weekly OBV line shows some modest improvement from the middle of May. The weekly MACD oscillator is ready to cross to the upside for a fresh outright buy signal.
In this daily Point and Figure chart of AAPL, below, we can see a potential upside price target in the $159 area. A trade at $138.00 should refresh the uptrend.
In this weekly Point and Figure chart of AAPL, below, we can see a price target of $172.
Bottom line strategy: Traders and investors who are not long AAPL could go long AAPL on strength above $138 in the next few days.
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