AAPL @ 100.35 - neutral – Consolidates within a 7-month falling wedge above long-term support
AAPL rebounded off the 89.47 weekly low (May 9, 2016 YTD low), forming a 7-month falling wedge. Further consolidation within the wedge pattern is expected. Only an upside break above 112.39 (April 11, 2016 weekly high) would signal completion of the wedge breakout and extend gains towards 123.82 (November 2, 2015 weekly high) next.
However, if the 110.00 area caps the bounce, back below 89.47 would offer scope for a retest of the 85.00 area (near 7.5-year rising trendline support and 61.8% retracement of the 55.01/134.54 upswing (April 2013 higher low/April 2015 all time high)).
Outlook:
Intraday: bullish
Daily: bullish
Weekly: neutral
Monthly: neutral
AAPL rebounded off the 89.47 weekly low (May 9, 2016 YTD low), forming a 7-month falling wedge. Further consolidation within the wedge pattern is expected. Only an upside break above 112.39 (April 11, 2016 weekly high) would signal completion of the wedge breakout and extend gains towards 123.82 (November 2, 2015 weekly high) next.
However, if the 110.00 area caps the bounce, back below 89.47 would offer scope for a retest of the 85.00 area (near 7.5-year rising trendline support and 61.8% retracement of the 55.01/134.54 upswing (April 2013 higher low/April 2015 all time high)).
Outlook:
Intraday: bullish
Daily: bullish
Weekly: neutral
Monthly: neutral