Many investors forgot about shares of Apple, Inc. (NASDAQ:AAPL). It seems that its recent trip lower offered investors a reason to forget about it or cast it aside. But Apple (AAPL) received new life after its stock price continued to hold important technical chart support throughout 2016.
Even more impressive is AAPL’s resilience in the face of a choppy and volatile stock market thus far in September. So the recent rally higher in Apple’s stock price has been a sign of strength.
Apple (AAPL) is now pushing past resistance while putting in a BIG bullish weekly bar (see chart below). This could propel Apple’s stock price much higher in the coming weeks. Using my Fibonacci technique, I have a current Apple stock price target of $152.
Below is a multi-year weekly bar chart of AAPL. You can see how AAPL began to trend higher after its latest test of support.
Apple Stock Chart (AAPL) – Weekly
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No 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.