All eyes will be on Apple ( AAPL) after the close of trading Thursday when the technology and telecom giant is expected to report their latest quarterly earnings and revenue figures. Indeed, Apple's results figures to be an important market event as James "Rev Shark DePorre" details here.
Let's see how Apple's charts and indicators are positioned as we head toward the print.
In the daily bar chart of AAPL, below, I can see that shares of AAPL have rallied strongly since early January. The shares are trading above the rising 50-day moving average line and above the rising 200-day line.
The trading volume looks like it has been declining since December but the On-Balance-Volume (OBV) line has strengthened this year. The Moving Average Convergence Divergence (MACD) oscillator gave a buy signal in late January.
In the weekly Japanese candlestick chart of AAPL, below, I see a constructive-looking picture. The shares are in an uptrend as they trade above the rising 40-week moving average line. The stock is poised to challenge potential chart resistance in the $170-$180 area.
The weekly OBV line has been rising since the beginning of the year and confirms and supports the price gains so far this year. The MACD oscillator is in a bullish alignment above the zero line.
In this daily Point and Figure chart of AAPL, below, I can see an upside price target in the $191 area -- a new high.
In this weekly Point and Figure chart of AAPL, below, a price target in the $203 area is being projected.
Bottom-line strategy: I have no special knowledge of what AAPL will tell shareholders and analysts on Thursday. Ahead of this earnings release the charts are pointed up and traders should approach AAPL from the long side. New 52-week highs are possible in the weeks ahead.
The technical signals of the iconic food company seem lukewarm at best.
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