Apple (AAPL) technicals Dec 22, 2014

Last Thursday, AAPL shares broke the downtrend line that prevailed from Nov 28 to Dec 17. The breakout was confirmed on Friday. Short-term momentum is positive as long as prices remain higher than $111. There is resistance in the 114-115 area, but bulls are likely to target the all-time high levels @ 120 in the next few weeks. Thursday’s opening gap and the 50-day SMA in the 109,50 area provide nice support.

AAPL, daily chart (3 months):

aapl2

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

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