Today Apple, Inc. (AAPL) will report earnings after the bell. And after crushing earnings last quarter, the expectations are running high (once again) into the Apple earnings report. Â The stock is up today in a “down” market, so investors are feeling a bit bullish.
Apple Earnings Wall Street consensus (according to Estimize): $2.18/share earnings on $56.3 billion in revenue. Note the Estimize community estimate is slightly higher.
But there’s more going on than just another Apple earnings report… for both traders and investors alike.
On the daily chart (see below), Apple has broken out above its consolidation downtrend line and is testing its all-time highs (reached in February). The daily price action is higher (indicating that expectations are high), but today’s candlestick appears to be forming a “doji”, meaning that the herd is uncertain about how “price” will react to Apple’s earnings report.
Note, though, the similarities in patterning (Dec-Jan vs Mar-Apr).
Apple (AAPL) Weekly Chart
This pattern also carries over to the weekly chart where the prior four consolidations and subsequent breakouts have lead to new highs. Today AAPL is testing its all-time highs, but has yet to make new highs. Will the Apple earnings report be the catalyst? If so, the next leg higher could push AAPL closer to $150 per share, per Chris Kimble. On the flip side, if the report doesn’t impress, it could mark an intermediate term wave high, per James Bartelloni.
Apple (AAPL) Weekly Chart – Same pattern into Apple Earnings?
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Author does not have a position in any of the mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
