The second is that the trend is still in place until proven otherwise - and the trend for apple is down. This downward is in blue. Note - unlike some charts on this stock I have intentionally drawn it using the peaks in late July and in early November as opposed to drawing a sharper one that ignores July but touches in early November and in early December. I believe using two distinct peaks with better separation perform better. Using my , apple has NOT reversed its trend. If I believed otherwise, I would certainly take a long position.
There are additional reasons I don't believe apple is a good long-term long position (though again, the bolder among you may be able to make a decent profit off its current upward move if you mind the second red and your stops along the way up). Note, I've marked two significant gaps with red arrows. Gaps have a tendency to get filled, which in this case means a rather sharp decline in price.
Also, on this formation is NOT gaining strength but is actually declining as the stock price rises. Low on price movement does not bode well for a strong move upward, and convinces me further that we may not see the stock climb to the price target. It looks to me like the stock will struggle to pierce its downward sloping .
Finally I'd note that is oversold as well.
Again, I spent a good deal of time thinking about taking a position with the intention of exiting it around 112, but I trade risk-averse.