Apple (AAPL) Outlook For October 29, 2014

New record highs for AAPL in Tuesday’s session. The daily trend is up as long as price trades higher than $103, which is the high end of the 98-103 range that prevailed during the last 2 months. Today’s close at the intraday high is suggestive of further strength during tomorrow’s opening hours. The recent breakout from the 98-103 range opens the door to $108, so we may see some profit-taking there. The stock is a bit overextended in the short term and may need to rest a bit before advancing further.

AAPL, daily chart (3 months):

aapl

Chart courtesy of StockCharts.com. http://stockcharts.com

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