AAPL Looking Higher

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After more than 5 weeks of consolidation, Apple Inc. (AAPL) looks like it may start another move toward new highs into the 135-150 range. Helped by a strong bounce in the overall market, AAPL already broke the 20-day moving average Monday and is moving toward the descending trend line at around 128.  If broken, this is likely to confirm the end of  the consolidation period and accelerate prices higher. Downside protection (stop) at 50SMA & horizontal support at around 122.

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By Sinisa Persic, Trader.com.