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AAPL Has Tailwinds From Last Wed's Earnings Report


At today's high, Apple Inc. (AAPL) has recovered 66% of its entire bear phase from its 705.07 high Oct 21, 2012 to its 385.10 April 19, 2013.

The bullish channel carved out during the past year points to an upside target zone of 620-640 at some point in the not-too-distant future.

While my medium-term target zone remains 5% to 9% higher, my near-term work indicates that the current upleg off of the April 15, 2014, low at 511.33 is at or very nearly completed ahead of a rest/digestion period that could/should return AAPL to the 575-555 support area.

Of course, the vertical advance during the second half of April (+16%) could be associated with the anticipation of new product launches or some perceived "game-changing" product announcement, which likely will keep AAPL well-bid on any bouts of weakness.

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