Apple (AAPL) continues to be a highly sought after stock and remains a decent barometer of the broader market. Apple stock looks to be nearing a key resistance level right now – i.e. an AAPL breakout attempt is happening. How this shakes out may play a role in Apple’s next directional move.
As you can see in the chart below, an AAPL breakout will depend on the price action between here and, say $123ish. A move over this level could trigger an AAPL breakout and a move higher.
Apple stock price has traded within the confines of a broad price channel for the last 30 years (as seen in the chart below).
Apple stock is trading near the upper end of the channel, and in particular, into an intra-channel trend line. This resistance underside of an old support line it broke in the decline this summer.
Will Apple’s price rally have enough steam to breakout above this trend line and retest the highs (or the top of the channel again)?
As you can see in the chart below, Apple is retesting the underside of this price resistance at (1) below. This is a key level to see if Apple investors get the AAPL breakout they are hoping for. Or if the stock loses steam and heads lower.
Apple Stock Chart (1980-2015) – Â Is an AAPL breakout coming?
What Apple (AAPL) does at point (1) could tell investors where the stock will be at the end of 2015. Note that an AAPL breakout could lift the NASDAQ Composite to highs not seen since the 2000 tech bubble.
Thanks for reading and have a great day.
Twitter:Â Â @KimbleCharting
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.
