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.