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Technical Update - Apple eyeing all-time high after Earnings

Technical Update - Apple eyeing all-time high after Earnings

Equities 1 minute to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank Group

Apple jumped higher Friday after Earnings and seems to be trading in a rising channel like pattern.
RSI is showing Divergence and testing its falling trendline. A close above is likely to cancel that divergence on set Apple for higher levels.

Medium-term Apple is close to test resistnace at around 176.15 and the positive RSI with no divergence strongly indicates Apple is set for higher levels. Possibly testing all-time highs at around 182.94 with a couple of weeks.
A break above could cause Headlines in the News “Apple reaching $200”.

For Apple to reverse the short-term uptrend a close below 165 is needed. If Apple closes the gap from Friday it would be first indication of that scenario to play out.

 

Source all charts and data: Saxo Group

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