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AAPL Remains Poised to Probe Higher Levels in Reaction to Earnings


From a near-term technical perspective, let’s notice that Apple Inc. (AAPL) has emerged from its Feb-Apr corrective period, which took the form of a high-level base-like accumulation pattern ahead of last week’s upside breakout above 129.20.

This morning, head of this afternoon’s earnings release, AAPL has climbed to a post-corrective high at 132.07, on the way to a full-fledged retest of the February high at 133.66, and to 138.00-140.00, thereafter.

Only a decline that breaks and sustains below 129.20 will weaken the bullish pattern, while a break below 127.80 will inflict meaningful damage to the current bullish set-up.

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