Apple Inc (AAPL) has been on a steady recovery since its mid-February $115 ‘bottom,’ and has formed a rounded saucer bottom which could turn into a classic ‘cup with handle’ upon the next retracement which seems likely.

Price rounded up off the Feb. 25^th low to enter a powerful and sustained ‘bull move’ up. Resistance is overhead via the 38.2% Fibonacci retracement (near $150) and the stabilizing 200 period daily moving average.

Also, notice the key lengthy positive momentum divergence that has been forming since early February.  That was a hint that higher prices were likely yet to come.

I would expect price to swing down temporarily off these levels before potentially heading higher. There is probably a lot of fight left in the Apple bulls, and I know many people have declared this is “not your old generation of stocks” and that “old fundamental rules don’t apply.” We’ll see how true that is in time, but it is true that Apple is a unique and distinct company that has captivated a large number of consumers with deep loyalty.

Adam Hewison of Market Club fame released an educational video today on Apple and potential bullish price targets he has on the stock.

Entitled “Apple’s Secret Weapon,” Hewison discusses some key chart points including support and resistance, throws in some Fibonacci analysis, and discusses signals generated by Market Club’s Triangle Technology that would have resulted in strong profits on the stock. The Triangles are signaling a new signal in the stock, Hewison reports. Check out the video for more insights from Adam, and to find out what he believes is Apple’s ’secret weapon”!

As always, if you feel Apple stock is trading too high, or may have too much risk for you, there are various options strategies you can use to lock in profit and minimize risk if need be.