Apple Inc (AAPL)

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What Next For Mighty AAPL?
By: Mike Paulenoff | August 17, 2018

AAPL-- hit another new all-time high at 217.68, but more significantly, exceeded my week-ago upside target zone of 212-216. What now? Let's notice on my enclosed hourly chart that the extension of the April- August upper channel boundary zone projects into the 218 to 222 next target area.

In that my work considers the origin of the current upleg from the 6/25 low at 180.73, and in that "up here" AAPL looks like it is completing the upleg from the 6/25 low, my sense is that for anyone trading AAPL, to tighten stops significantly-- to 212.75, in anticipation of a near term peak and correction to emerge somewhere between 218 and 224 (representing a 1% overshoot of the my 222 upside target).

If such a scenario unfold, AAPL will correct into the 200 support area, prior to climbing to 250.



https://www.mptrader.com/middaymarkets/

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