Apple (AAPL) is rallying today and looks poised to make a new high for the move up. Let's check out the charts and indicators.
In this daily bar chart of AAPL, below, we can see that prices have continued their uptrend from the March low. Prices have broken above the April highs and could make another new high today. AAPL is above the bottoming 50-day moving average line and above the rising 200-day moving average line.
The On-Balance-Volume (OBV) line did decline in February and March but it has been bottoming since early April, telling us that buyers and sellers of AAPL are in balance.
The Moving Average Convergence Divergence (MACD) oscillator is in a bullish alignment above the zero line.
In this weekly bar chart of AAPL, below, we see a bullish alignment of prices and indicators. Prices are in an uptrend above the rising 40-week moving average line.
The weekly OBV line is much stronger looking than the daily line and is close to making a new high for the move up.
The MACD oscillator is above the zero line and poised to cross to the upside for a new outright go long signal.
In this Point and Figure chart of AAPL, below, we used daily price data to construct the X's and O's. A potential upside price target of $339 is indicated but a trade at $299.87 is needed to refresh the uptrend.
Bottom line strategy: Hold long positions and consider adding to longs above $229.87. Raise stops to a close below $170. The $340 is our first upside price target.
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