Monday, 12 September 2016

AAPL - big daily reversal

The market opened moderately weak, with Apple (AAPL) breaking a new cycle low of $102.45, but then powerfully rebounded, settling +2.2% @ $105.45. Near term outlook threatens a touch of cooling back to the 104s, but broadly, the 110/112 zone looks due into Q3 earnings in October.

AAPL, daily

AAPL, monthly


Suffice to add... a very notable daily bullish engulfing candle for AAPL, which is highly suggestive the weakness that began in early August has concluded.

Broader price structure is a giant bullish wedge.. which was provisionally confirmed in August.

New historic highs in 2017 look probable. That view is only negated if sp <2050.