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.