It’s been a couple months since we covered Apple (AAPL). And, although a lot has happened since my last AAPL update, the stock price has moved within the bounds of expectation and has succeeded in hitting two AAPL Fibonacci price targets.
Better said, everything that has happened is within technical reason. To illustrate, I have used the same chart over the past several months… I believe a good chart (and chartist) should stand the test of the timeframe or trend. And in this case the trend has been higher, with price magnetizing to the .236, .382, .500 and .618 Fibonacci levels. And if the trend remains higher, perhaps the .786 AAPL Fibonacci price target will get tested ($636). Note that this outsized move higher off the $385 low was confirmed when price took out and successfully backtested the .236 Fibonacci level.
So where are we now? Â Well, after reaching up near the .618 Fibonacci level, APPL has consolidated in another flag formation. If AAPL is going to move higher, it will need to break out of the flag and above $580. On the downside, support remains around $520-$530 (a confluence of the 50 day moving average, the uptrend, and the .382 Fib retrace of the “Shakeout” lows and the recent highs). Trade safe.
Apple Stock Chart – AAPL Fibonacci Price Targets
Twitter:Â Â @andrewnyquist
No positions in any 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.
