Watching a Bullish Breakout in Apple AAPL Shares

Jul 13, 2017: 8:41 PM CST

Apple (AAPL) shares broke Thursday above a key price level, and we’re carefully watching what happens next.

Here’s the breakout and the Daily Chart levels:

Apple AAPL Bullish Breakout Trade

Buyers held support after a steep pullback (retracement) toward the $142.00 price level.

Note the yellow highlight and the positive divergence – with declining sell/bear volume.

That combination (in an ongoing uptrend) is often a precursor to a bounce and it sets up a support/rally play from a deeper (higher timeframe) retracement.

Price broke above the overlap (crossover) of the 20 and 50 day EMAs into $146.00.

Bullish traders may attempt to add to existing positions (bought off support) or put on a new buy position on the breakout.

Stops will be triggered beneath this pivot and certainly beneath $142 and $140.

Unless price turns and trades back beneath the EMAs – triggering a Bull Trap and failed breakout – we’re watching for additional upside action toward the $155 high in the near future.

Let’s see if that bullish pathway occurs in the ongoing bull market.

 

 

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Corey Rosenbloom, CMT

Afraid to Trade.com

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