AlexJaensson
Long

AAPL- S/R to continue dictation of price pre Mac release?

NASDAQ:AAPL   Apple Inc
Technical analysis based solely on price action is always a gamble for me in any market, but with my long pick here on APPL             , I at least have a product release in the future to look towards for price inflation as well.

With the Mac release rumored for the 27th of this month set aside, lets take a look at this triangular channel.

The channel was formed back in late May when price had it's initial reversal off of the first level of resistance at 100.45. Since then, price has reversed off of the inclining resistance line (marked in blue) 3 times, and has reversed likewise off of the support line (marked in red) 4 times, and 5 if we are counting the reversal off of the flat line of support that I have drawn in dark green, since it occurred within 10 cents of the support line.

Looking ahead, I believe that price will fall into my reversal zone (purple box) and then move higher in order to form yet another higher high, and higher low. My prediction for a good entry stands at the price of about 114-115 dollars, and for a solid exit, i'm looking to take profits at around the 119$ mark.            
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