Since early May, Apple (AAPL) has given itself a nice $10+ move, going from just below $90 to over $100. But over the last four trading sessions, the stock has managed to trade lower.
So what should we take from this?
First off, the stock has pulled back on light volume, but in doing so has lost short-term 5 & 10 day moving averages which isn’t a major problem but it does signal its mood over the said amount of days.
But staying focused on the long-term prospects of this stock, there is still much more the bulls need to do in order to regain the confidence in this once market-darling stock.
Ultimately it needs to push through $112 – in doing so it will establish a higher-high on the stock. You’ll also see below that there is a long-term bullish wedge that has formed in the stock. The downside to this pattern, is that price is found stuck right in the middle of it, meaning that while the pattern is bullish, getting a true direction for the stock may take longer than you prefer as long as it doesn’t break out of the problem. So it may very well languish for a while, while it stays inside the wedge.
Breaking through and above $112 solves all of these problems, it is just a matter of when that will happen.
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