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Will Apple enthusiasts continue to buy off the back of Apple Watch boost?

Consolidation has taken hold in recent weeks, yet with the Apple Watch release and earnings due, could we be due the next leg higher? 

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Apple has returned to the forefront of investors’ minds recently, with the Apple Watch due for release on 24 April; some three days earlier than its quarterly earnings release the following Monday.

For many, the consolidation in the Apple share price has been somewhat dull. However, I expect to see volatility increase over the coming week and investors will no doubt be trying to capitalise on this.

Friday’s bounce higher came from support at the 50% retracement of the March low to April high. Given the long-term uptrend in play, I expect to see the bulls dominate once again. Resistance comes in the form of the April high at $128.50, which if broken would then target $13.30. However, a move back below $124.50 could see $123.00 tested.

Ultimately with a new product hitting the shelves, coupled with a clear long-term bull trend, I expect us to see the price break higher in time to continue the charge higher for the world’s biggest technology firm.

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