Corey Rosenbloom: Apple Inc. (NASDAQ:AAPL) shares continued their breakout and bull trend impulse after the late-April gap breakout and May “bull flag” retracement.
Let’s chart the current course for price, highlight the key support target, and update the trading strategies developing at the moment for Apple shares.
We’ll start with the broader Weekly Chart perspective:
For a bit of background, take a quick read of my prior update “Apple Shatters the $600 Level – Trade Planning” – see how the analysis compares with the real-world outcome.
After last week’s 7 to 1 stock split, the price levels (targets) will be different but the chart structure is the same.
In this case, Apple continued trading up into the prior swing high from early 2012 near the (current) $92.00 per share level.
Price fell just shy of the all-time high (formerly $700) into the $100 level which will be a simple magnet for price to target on any additional continuation to the upside.