A rally target at 201.99 (see inset) is the end of the line on the daily chart. Although this Hidden Pivot resistance could eventually give way to targets as high as 271.39 on the weekly chart, we should be surprised if AAPL blows past this number without head butting it at least a few times. While none of the problems the company faced just a a few months ago have gone away or even diminished, this evidently hasn’t discouraged investors from bidding the stock into a vertical parabola that has recouped 60% of the massive losses suffered in Q4. Investors are known to have short memories, and their forgetfulness has been abetted by a news media that seems always willing to feign amnesia when bullish market cycles demand it. So it is with Apple, and our trading bias should therefore be bullish at least until 201.99 is reached (or an alternative target at 205.25 that uses a higher B-C pairing). _______ UPDATE (Mar 24, 5:03 p.m.): As the week ended, the stock fell hard without having quite reached our 201.99 target. It’s still in play, however, since, as you can see, Friday’s losses did not much impact the impulsive bullishness of the daily chart. For now, we’ll put the target on hold while we monitor this pullback for more-persuasive signs of trouble. The first meaningful hint of it would come on a print below 187.87. _______ UPDATE (Mar 25, 10:41 p.m.): Sellers crushed the 187.87 ‘structural’ support of a prior low, opening a path to D=181.72. Let’s see if they have the moxie to get there. If they can close the stock beneath the red line on this chart, consider the target an odds-on bet to be achieved. _______UPDATE (Mar 26, 9:25 p.m.): The stock has turned wacky, diving after opening sharply higher on a gap that trapped bulls and squeezed shorts. A 183.64 downside target remains to be filled, but we’ll spectate in any event.
