Apple AAPL Surges with Surprise Breakout May 9

May 9, 2017: 10:40 AM CST

All seemed lost in the moments following Apple’s (AAPL) most recent earnings announcement.

Bearish projections were rampant as bears took a victory lap that share prices would finally collapse.

The problem is… they were completely, spectacularly wrong.

Here’s what happened next as the triple-timeframe uptrend continued and a “strong stock got stronger:”

First, know that our core strategy aims to find relative strength based on the principle that “stocks which are strong tend to get stronger.”

Apple – along with many technology stocks – remained persistently at the top of relative strength (uptrend) scans.

Buyers aggressively overtook sellers even after an initial negative reaction to earnings last week.

Still, price surged and performed a big breakout activity yesterday, extending price comfortably above $150.00.

Note the volume and momentum spike that occurred along with the breakout.

Higher prices remain favored due to the uptrend structure and new confirmation from volume.

Fun times, Apple investors!

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Corey Rosenbloom, CMT

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One Response to “Apple AAPL Surges with Surprise Breakout May 9”

  1. Bears Wrong About Apple Stock - Says:

    […] By Corey Rosenbloom […]