Apple (NASDAQ:) showed impressive relative strength to the market this week and we’re seeing that bullish dominance continue with a breakout and birth of a new uptrend.
Here’s the Weekly Chart and the new bullish phase emerging for Apple () shares:
For a bit of quick background, see my post “Apple Bucks the Bear Day” – which was our first major clue.
Correctly detected, we noted how strong shares were performing against a strong “second collapse” day.
We live by the statement “That which is Strong tends to get STRONGER.”
Strong stocks tend to see more bullish gains and Apple is a great recent example of that concept.
We’re seeing price break above a blue trendline into August and then retest this trendline into September.
This week we’re seeing a new swing high and thus the birth of a NEW Uptrend into late 2016.
Focus on the $110 level and as long as price continues to move “up away from” this pivot, we could see further action through the open air zone toward the $120 high and possibly (eventually) toward the $130 high.