• Subscribe
  • Log In
  • Home
  • Daily Diary
  • Asset Class
    • U.S. Equity
    • Fixed Income
    • Global Equity
    • Commodities
    • Currencies
  • Sector
    • Basic Materials
    • Consumer Discretionary
    • Consumer Staples
    • Energy
    • Financial Services
    • Healthcare
    • Industrials
    • Real Estate
    • Technology
    • Telecom Services
    • Transportation
    • Utilities
  • Latest
    • Articles
    • Video
    • Columnist Conversations
    • Best Ideas
    • Stock of the Day
  • Street Notes
  • Authors
    • Bruce Kamich
    • Doug Kass
    • Jim "Rev Shark" DePorre
    • Helene Meisler
    • Jonathan Heller
    • - See All -
  • Options
  • RMPIA
  • Switch Product
    • Action Alerts PLUS
    • Quant Ratings
    • Real Money
    • Real Money Pro
    • Retirement
    • Stocks Under $10
    • TheStreet
    • Top Stocks
    • TheStreet Smarts
  1. Home
  2. / Investing
  3. / Stocks

Apple Provides Ammunition for the Bulls: How to Trade It Now

The shares surge as quarterly numbers surprise on the upside.
By BRUCE KAMICH
Jul 29, 2022 | 10:27 AM EDT
Stocks quotes in this article: AAPL

In our last review of shares of Apple (AAPL) on July 11 we wrote that, "A weekly trade at $150 should improve the weekly Point and Figure chart of AAPL. A rally to around $170 could unfold and that would go a long way in lifting the broad market averages."

With trading in shares of AAPL off to a strong start Friday on the heels of a better-than-anticipated earnings report a fresh look at the charts is in order.

In the updated daily bar chart of AAPL, below, we can see that the shares gapped higher, but they also gapped above the 200-day moving average line. Impressive price strength.

The daily On-Balance-Volume (OBV) line is pointed upwards and the Moving Average Convergence Divergence (MACD) oscillator is in a bullish alignment above the zero line.

 
In the weekly Japanese candlestick chart of AAPL, below, we can see more white real bodies (bullish) since our July 11 review. Prices (when they are plotted) will put AAPL above the 40-week moving average line.
 
The weekly OBV line shows new firmness from early June. The MACD oscillator has crossed to the upside for a cover shorts buy signal.
 
 
In this first daily Point and Figure chart of AAPL, below, we can see Friday's rally with the gap filled in. We can also see an upside price target in the $219 area.
 
 
In this second daily Point and Figure chart, below, we added volume by price. A band of potential resistance could be found around the $174 area.
 
 
Bottom-line strategy: Three cheers for the rally in AAPL. This rally will provide ammunition for the bulls. Continue to trade AAPL from the long side but let's check in on the action around $174 to see if we need to make adjustments.
 
Get an email alert each time I write an article for Real Money. Click the "+Follow" next to my byline to this article.

Employees of TheStreet are prohibited from trading individual securities.

TAGS: Earnings | Investing | Stocks | Technical Analysis | Digital Entertainment | Software & Services | Technology | Technology Hardware & Equipment | Telecom Services

More from Stocks

Chevron Is Not Only Greasing the Wheels, It's Turbocharging Them

Jim Collins
Jan 26, 2023 5:07 PM EST

Let's look at why CVX's buyback news is a big deal for investors.

Traders Hold Their Noses and Buy

James "Rev Shark" DePorre
Jan 26, 2023 4:27 PM EST

The dull market got a boost from Tesla, but this is not the kind of action we want to see.

The Long-Term Trend of Booz Allen Hamilton Is Bullish

Bruce Kamich
Jan 26, 2023 12:15 PM EST

If the earnings report is bearish, here's what to know.

As the Bears Battle the Bulls, the Market Action Remains Choppy

James "Rev Shark" DePorre
Jan 26, 2023 11:40 AM EST

GDP, unemployment claims, and durable goods reports were better than expected, creating hope that the Fed will be able to create a soft economic landing.

Charter Communications: The Path of Least Resistance Is Higher

Bruce Kamich
Jan 26, 2023 11:27 AM EST

Here are the key price levels to watch in the days ahead.

Real Money's message boards are strictly for the open exchange of investment ideas among registered users. Any discussions or subjects off that topic or that do not promote this goal will be removed at the discretion of the site's moderators. Abusive, insensitive or threatening comments will not be tolerated and will be deleted. Thank you for your cooperation. If you have questions, please contact us here.

Email

CANCEL
SUBMIT

Email sent

Thank you, your email to has been sent successfully.

DONE

Oops!

We're sorry. There was a problem trying to send your email to .
Please contact customer support to let us know.

DONE

Please Join or Log In to Email Our Authors.

Email Real Money's Wall Street Pros for further analysis and insight

Already a Subscriber? Login

Columnist Conversation

  • 03:06 PM EST BOB LANG

    LEAPS Webinar

    This week, I offered a free webinar session talkin...
  • 02:53 PM EST REAL MONEY

    LIVE EVENT: Chris Versace and "Sarge" Guilfoyle Share Their Stock Market Insights

    This Monday, Jan. 30, at 12 p.m., our very own exp...
  • 04:58 PM EST REAL MONEY

    The Latest AAP Podcast!

    Listen in as AAP Tackles Earnings, the Fed, Recess...
  • See More

COLUMNIST TWEETS

  • A Twitter List by realmoney
About Privacy Terms of Use

© 1996-2023 TheStreet, Inc., 225 Liberty Street, 27th Floor, New York, NY 10281

Need Help? Contact Customer Service

Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data & Company fundamental data provided by FactSet. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by FactSet Digital Solutions Group.

TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

FactSet calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.

Compare Brokers

Please Join or Log In to manage and receive alerts.

Follow Real Money's Wall Street Pros to receive real-time investing alerts

Already a Subscriber? Login