New Highs for Apple Stock?

Apple has now released the iPhone and with the lines out the door basically everywhere you go, it is no wonder the stock is performing so well. The stock though hasn’t done too much since hitting new highs in early June, but there is a bull flag looming that could mean higher prices to come.

This chart analysis will use the following concepts:

Apple Stock Chart


Apple is setting up really nice here with the small descending channel within the base which argues higher prices to come. You can see prior buy points when Apple broker $97 and above $102.50. I like the MACD downtrending here and the RSI showing basically neutral. Buypoint is with the break out of the current channel on strong volume which would come around $124, $125. Be smart, use limit orders to place your trades online.

UPDATE: Apple broke to new all time highs today (  7/03 ) and closed at $127.17 on heavy accumulation volume.

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