AAPL Long-term outlook

Upcoming Apple iPhone 8 is under discussion, and there are promising features to follow. The newest iPhone planned will features super fast wireless charging. Shares hit all-time high $140.28 in the initial week of March which might continue higher as performance continue to outperform.

The shares already up 15.5% from January close $121.35 to March high $140.28. This performance due to strong sales of iPhone 7 and iPhone 7s also positive sales growth internationally (except for China).

Click here to read February 2017 analysis

New Month

Monthly chart

Extremely bullish movement in AAPL monthly chart despite the policy uncertainties by President Trump. The price has targeted at the upper channel when it touches the channel, and it is expected to bounce lower. Traders could look for the opportunity to take short position possibly between $145 – $150.

Weekly chart

Nine straight weeks of bullish closes on the weekly chart show how incredible was the bullish trend in AAPL. The price might continue its bullish streak and move toward the upper channel resistance. Traders could look to the left where there are consecutive highs at $133, and this level will become support level when price make correction lower.

Daily chart

After the gap which starts February in bullish tone, the price was never turning back. No strong bearish setup yet at the top which shows no reason for taking a short position. Traders might want to wait until the price reach top of the channel or the psychological resistance at $150 before placing short position.

Trade plan

The long position is ideally taken near $133 support.

The short position needs to stay sideline for a while until strong bearish confirmation possibly near $145 – $150.