What a wonderful week we had! Congrats to all the bulls!
Couple things I want to point out
#1: This is the best week we had for over 18 months! Scrolling back on the Weekly chart, this is the largest gain (biggest green bar) during this period, confirmed by a very nice . =
#2: On the weekly chart, we see a break out of consolidation area (roof of $476 = first resistance). =
#3: note on and . =
#4: we broke out of the upper limit (diagonal resistance line) of the (purple trend). This turns out to be very well protected and well confirmed (look at the ). From here, we can establish another parallel uptrend (yellow trend), with the purple trend as additional support areas in the future. =
Our next weekly resistance is a gap at $504-508 area. Followed by $526.57. The 4th resistance is at $590.
"Buy on Rumor, Sell on News." - this week's large gain is partial fueled by Sept 10th (purple vertical line) Iphone / Ipad announcement rumor, still yet unconfirmed by APPLE (also fueled by Icahn et al). Let's be mindful that in the previous product announcements, price actually dropped for a variety of reasons (i.e. product disappointments: no Iphone C, etc.). Potentially, we can see a drop back into the purple trend as result of this. On the other hand, if we were greeted by a surprise (i.e. China Mobile deal), we could potentially stay within the upper channel (yellow).
Disclaimer: I am long $AAPL . My Sept monthly calls are up 200% (3X)