I am not sure if it will repeats the similar pattern, but to move up a copule of points seems reasonable next week since it hasn't boosted up much for Q2's results.
Phil,
The uptrend has not been broken yet. There was a small and very minor selloff earlier this month that pulled Apple down off its overly vertical trendline established with the Q1 earnings report. However, the stock has begun another push upwards, and although it is now testing the newly established trendline, it has not yet broken down again. See the 1st chart (a 6-month Daily with Volume) to illustrate this.
Apple also seems to be gathering a head of steam for an explosion through the 29s barrier. The 3-year weekly (not shown) and the 10-year weekly (2nd chart) shows this is Apple's 4th attempt to break up back over 30. I've shown the 10-year weekly to illustrate how Apple's volume has picked up so substantially in the last 6 months. The stock is more volatile now than any time in the last decade. I consider this a bullish sign, as lots of accumulation is taking place.
With the intact secondary trend line, the increasing volume, the bunching up just below 30, and the potentially explosive news coming out at WWDC, the next few weeks/months could be a great and memorable period for Apple and Apple shareholders (the longs, that is!!).
Who knows, Phil, your dream just might come true.
Sam
1st chart:
chart2.bigcharts.com
2nd chart:
chart2.bigcharts.com |
