The price of Apple stock is moving up on Friday, rising about 0.65% as investors bought the quick morning dip. We’ll see how it closes, but for now Apple stock is looking much better on the long side.
We’ve also seen a robust move in Microsoft to new highs, although the charts were aligned for such a rally.
Is Apple about to do the same thing? It too has a bullish setup on the charts.
On Thursday, reports hit the wire that the company – along with automakers like General Motors – will curb production due to the shortage in semiconductors. However, it didn’t slow the stock down one bit. That bodes well for bulls.
With earnings due up later this month, it wouldn’t be out of character to get some pre-earnings momentum in play either — particularly given the strong quarter Apple reported in January.
From here, I really want to see Apple hold up over the March high at $128.72. A pause would be healthy, but the longer it remains above this mark, the better. It keeps the September high and clear resistance in play near $138. Above that opens the door to the current 52-week high, up near $145.
MacDailyNews Take: Let’s break Betteridge’s law of headlines sooner than later, shall we?