It’s Official: Apple’s Tactical Bear Market Is Over

Chart analyst • Aug 8, 2016 at 7:41 PM EDT

Apple has been struggling since last summer after it reached all-time highs at $130. Not any longer though, as Apple has broken that chart pattern of lower highs.

Apple (AAPL) has been struggling since last summer after it reached all-time highs at $130. Since then, the stock has made a series of lower highs, which, obviously, are defined as a bear market.

Not any longer though, as Apple has broken that chart pattern of lower highs.

Apple’s chart is a textbook example of how assets and stocks move:

A series of lower highs form a descending trendline
A previous top forms support
All together, they form a triangle pattern on the chart

Apple is now ready to go much higher amid the continuation of the great stock bull market. We expect Apple to reach $180 (double its support) somewhere in 2017, unless a black swan pops up in the stock market.

apple_2011_July_2016

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