Apple: This Upside Target Remains In Play
Chris Kimble | Jan 28, 2015 11:33AM ET
Apple's (NASDAQ:AAPL) earnings news surprised to the upside even as today's pre-market pricing managed to one-up that news.
Taking a 30-year look at Apple's prices, we see that it has stayed inside of rising channel (1) for the past 35-years. It last hit that channel line (1) back in 2012. After it hit that line, it proceeded to lose about a third of its value in the following 9 months.
If one takes the monthly low during the financial crisis and the highs back in 2012 and applies Fibonacci levels to, the 161% extension level comes into play around the $150 zone.
I find it interesting that channel line (1) and the Fib 161% level both meet around $150 as rising support line (2) gets closer and closer to current pricing.
$150 looks to be an important price point for Apple in the future and that price point remains possible.
Apple bulls want/need the stock to remain above line (2)!
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