novvoll12
Short

AAPL $128.53: Potentially forms a 2-month rising wedge

NASDAQ:AAPL   APPLE INC
99 0 1
AAPL             reached a new record high at 134.54 (April 28, 2015). Subsequent easing suggests 134.54 could be a swing high, allowing a 2-month rising wedge to form on the daily chart . The support lies at 125.50, the rising wedge support, which should hold the corrective dip. However, failure to hold the 125.50 area would confirm a breakdown of the rising wedge, projecting the downswing towards 113.53 (wedge target). Back above 131.59 (April 29, 2015 high) should delay bears and reopen the 134.54 peak for a retest.

Outlook:
Short term: bearish
Long term: bullish

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