Apple AAPL Appears Back at the Highs Feb 1

Feb 1, 2017: 1:29 PM CST

Just like that, Apple (AAPL) shares surged toward the price highs of early 2016.

Will the bulls keep making money by levitating this stock higher in a breakout?  Let’s see!

We see the strong uptrend that ended in early 2015 at the $130 per share level as negative divergences and distribution took price down toward $90.00 per share in early 2016.

Positive divergences and accumulation (active buying campaigns by large funds) reversed the downtrend through 2016 to where we are now at the beginning of 2017.

A bullish reaction to last night’s earnings served as a bullish catalyst to propel shares to the prior high.

The key here is to trade the departure away from the $130 pivot, be it a “fade” or immediate retracement lower to fill in part of the gap (see your Daily Chart) or else continue the bullish accumulation campaign through a breakout to new highs.

Ultimately, stocks which are strong tend to get stronger, and we would expect additional bullish action should buyers push Apple (AAPL) shares beyond the $130 pivot.

Focus on this level and formulate your trades based on what happens right here, right now.

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Corey Rosenbloom, CMT

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