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Apple had positive earning news come out last night and pre-market pricing shows it up.
Wanted to take a 30,000 foot, 30-year look at Apple’s prices. As you can see, Apple has stayed inside of rising channel (1) for the past 35-years. Apple last hit channel line (1) back in 2012. After it hit this line, it proceed to lose about a third of its value in the next 9 months.
If one takes the monthly low during the financial crisis and the highs back in 2012 and applies Fibonacci levels to it, the 161% extension level comes into play around the $150 zone.
I find it interesting that channel line (1) and the Fib 161% level both meet around $150 and rising support line (2) gets closer and closer to current pricing.
$150 looks to be an important price point for Apple in the future and this price remains possible.
Apple bulls want/need the stock to remain above line (2)!
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