Apple building a bullish base

July 5, 2018 08:00 AM

Apple  (AAPL) has a big say in where Nasdaq goes as the largest piece of index comprising 7.3%. The technology behemoth is up 11% year-to-date, 25% over the last 12 months and sports a dividend yield of 1.5%. Earnings have been mostly higher with gains in three of the last four quarters. The stock began a sharp rally at the end of April, which pushed it $25 higher (15%) during the following four weeks. 

AAPL closed every week of May above $180, a number which posed significant resistance in January and March. It is acting well following its breakout from a double-bottom trigger of $179.04, which was taken out on May 4. 

Buy AAPL on a break above the bull flag trigger at $190.25, which carries a measured move to $220.  

About the Author

Doug Busch has been trading the U.S. equity markets for two decades using traditional technical analysis, as a trend follower, with an emphasis with Japanese candlesticks. @ChartSmarter