The company announced earnings on April 23 and investors liked what they saw and heard from the report.
The stock gapped higher on April 24 and has not looked back since.
Just look at the overbought/oversold indicators on the daily chart below.
Since the gap higher, the stock has been in overbought territory for the whole time with the exception of a few days.
This is a phenomenal rally for a stock that is so widely held and it actually may have been helped by the recent split.
In case you missed it, the stock underwent a 7:1 split on Monday (June 9).
Normally a stock split is supposed to be a non-event.
The stock splits, investors have the same number of shares, charts are adjusted accordingly and it is no big deal.
However, when the stock is trading up around $650 before the split, many investors may avoid trading the stock because it limits the flexibility.
How does a stock’s price limit the flexibility?