Apple Stock Could Push Higher

Apple (Nasdaq: AAPL) is one of the stronger markets on the board. It’s working hard to pull up the weaker players.

Apple (AAPL) Weekly Ichimoku Cloud Chart

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Apple is in a solid uptrend above the Ichimoku Cloud. The recent down move in the US stock indices appears in Apple as a retracement to the Ichimoku Cloud Base line. The down move early last week was recovered by the end of the week, leaving a strong looking bullish weekly candle.

Apple has more upside potential and looks to be positioning on the lower time frames for another move towards the 198.16 target.

Apple (AAPL) Daily Ichimoku Cloud Chart

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Price has broken out of the daily Ichimoku Cloud and is continuing back in the direction of the daily uptrend. However, the daily chart indicates Apple is not yet ready to make its move. The Ichimoku Cloud Conversion line is still below the Base Line indicating price does not yet have upward momentum.

Additionally, the Ichimoku Cloud Lagging line is sitting under price holding back the bulls. Once momentum shifts upward, look for price to break out and head quickly toward the January pivot highs around 182

Apple (AAPL) 60-Minute Ichimoku Cloud Chart

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A new uptrend has been established on the 60-minute chart. Price is above the Ichimoku Cloud, the Lagging line is above the Cloud and the momentum is up.

Price, though, is overextended on the hourly chart as it has pulled away from the Ichimoku Cloud. Monday price action broke through the target resistance zone and reached its extended target. After strong moves, expect consolidation periods before the next break.

Price on the 60-minute chart has encountered resistance at the extended target. A long Span B at 175.55 should also act as resistance making it harder for the bulls to launch.

Once the 60-minute price clears resistance, anticipate momentum on the daily chart to turn up as well. AAPL is then clear to take off to the daily upside target of 208.50.