Apple (AAPL) is on a tear heading into earnings and they report in less than two weeks (July 26th to be exact). It is hard to say how they’ll do following their earnings, especailly after the sell-off we saw back in April. What was once the market darling is now a stock that everyone demands perfection from and when it can’t deliver on those unreal expectations the stock simply falls apart post earnings.
I wouldn’t be surprised to see that happen again, but in the meantime, AAPL is actually sneaking its way past the upper Bollinger Band into rare air here and history suggests it does well when outside the upper bollinger band – that it doesn’t necessarily result in an immediate sell action.
For now though, AAPL should strive to break above $100.50 and into that gap area from the April sell-off. Do that, and you could see the stock price hovering around $104-105 prior to earnings.
As for the downside, any move below $92 should considered bearish.
