Exactly 3 months ago, when our report on Apple (NASDAQ: AAPL) was published on 3rd Feb, our short term outlook was bearish and the market went through a quick and aggressive correction that made Apple’s stock price tumble as well. We were spot-on forecasting the first level of support at ~ 156.55.
We did a back to back comparison of the Apple chart based on our February market call and the current price level.
With the latest weekly chart attached below we are certain that our readers can see acrystal clear comparison.
Apple has cleared the recent resistance of 183.2, and our bullish target will be ~220 for the next 3-9 months down the road. We will take one step at a time for potential target as Apple enters into uncharted territory.
As always, we do not exclude a potential retest of 156.55 should conditions change again, regardless of how small the possibility is. Never exclude the flipside of any stock or market, there is always a bullish and, simultaneously, bearish case to be made, always, even if the probability is ultra-small.
For now, the sentiment, technical and fundamentals have aligned for the bull to rage, added by the fact that Warren Buffett has just added more stake in Apple in Q1 of 2018. That gives a hope of confidence to the market.
We advise a prudent investment style rather than following any advice blindly.
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