Apple (APPL) on the move again

Apple is trying its best to recover to its former glory, as its been trading in a sideways range for the past 6 months, sitting nicely between $390 and $460, which just so happens to be the Fibb retracements of 50% and 38.2% of the 5year rally to its peak.  This behaviour gives us a lot of confidence in the numbers for this share.  Thus on the nearer term we are testing the $460 level, and close above $465 should kick the share price up to $510 mark.






The MACD is encouraging for the bulls and back up the move, but the RSI is moving into the overbought territory.  The candle stick pattern on the short is constructive with steady gains made each day.  Whether we make it back to the neckline of the head and shoulders from the Sep12 peak at $530 remains to be seen but this could offer some strong resistance and if long up until that point I would recommend to take profit around this level, erring on the cautious side.




Charts sourced from IG Index