What Next For Mighty AAPL?

AAPL-- hit another new all-time high at 217.68, but more significantly, exceeded my week-ago upside target zone of 212-216. What now? Let's notice on my enclosed hourly chart that the extension of the April- August upper channel boundary zone projects into the 218 to 222 next target area.

In that my work considers the origin of the current upleg from the 6/25 low at 180.73, and in that "up here" AAPL looks like it is completing the upleg from the 6/25 low, my sense is that for anyone trading AAPL, to tighten stops significantly-- to 212.75, in anticipation of a near term peak and correction to emerge somewhere between 218 and 224 (representing a 1% overshoot of the my 222 upside target).

If such a scenario unfold, AAPL will correct into the 200 support area, prior to climbing to 250.

8 17 18 AAPL 1 P GIF
8 17 18 AAPL 1 P GIF

  Matched
x
  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!