AAPL confirm back into bullish territory and upside price target spotted
Two technical indicators suggested Apple Inc. (APPL) is back into bullish territory.
On Monday AAPL crossed above the 200-day moving average ($158.48), the pull-back from Wednesday and the +$5.34 closed on Thursday, confirmed the long-term bullish trend for Apple's share.
AAPL could soar to $173
on Wednesday broke away from the bull flag on the 4-hourly chart, rising more than 3.7% on August 3.
**(The Apple bullish flag formed between July 26 and Tuesday, with the pole forming during the first four trading days in that time frame, and the flag forming on Monday and Tuesday. The breakout of the pattern occurred on above average volume, indicating that the pattern was recognized, but the algorithms.)
The measured breakout move is 8.5%, which suggests that Apple could soar to the $173 mark before peaking. Apple created a series of bull flags in its uptrend and got closer to the target of the measured move each time.