AAPL Long-term outlook

As the largest company in the world with more than 700b market value, AAPL could think about doing anything. Recently, there is an announcement from the company that they are planning to make iCar. iCar is a self-driving car which will change the future of automotive industry. However, fortunately for investors, this ridiculously massive capital extensive plan might be put on hold as the company goes into the testing phase.

There is more room to grow for AAPL company value. This year, an analyst from RBC Capital projected the company would grow to $824b value with shares price target at $157. While there is a possibility to reach the price target, but it seems current market need to clear out the black cloud on the political ground first.

Click here to read March 2017 analysis

New Month

Monthly chart

AAPL has reached the top of the channel, and the prices continue to hold its position near it. There is a high possibility of pullback from the current level, but as long as bullish pressure maintained, the price might continue higher. If the prices decided to retrace lower, $130 – $132.5 is the area to look for support.

Weekly chart

There is bearish three candlestick pattern evening star hanging at the top of the weekly chart. This pattern not confirmed yet as the price not close below the three pattern low. It might continue moving sideway and broken after several candles close. Nevertheless, traders might feel nervous when the share price already hit resistance.

Daily chart

AAPL daily chart starts a pullback, but the correction is insignificant. Normal trend commonly retraces 20-30% from the top before further continuation. A bullish trader who wants to enter long position suggested waiting until the price corrected deeper toward $130 area.

Trade plan

The long position is ideally taken near $130 support level.

The short position could be taken after the break of three candle pattern on weekly chart.