Since July 2015, Apple has been on a well define downtrend channel , touching the downtrend line upper channel resistance for the next 3 times, but came down each time it rally to the downtrend line upper channel resistance ( in mid April 2016, it attempted to break above the downtrend line upper channel resistance but fail to stay above it and came down again ). If Apple continues to rise, the downtrend line upper channel may be where its next rally target level is and act as a resistance again around the price region of $102.59.
If it reach the downtrend line upper channel resistance and start to weaken again , it may signal price action weakness in the stock , and a short position may be initiated with a stop loss above $104 . It’s upcoming results will out on 26 July.
Will the stock continue to be the apple of investors’ eyes or start to show weakness soon ? Lets stay tune .