AAPL Stock Forecast Today 03/07: Bullish Breakout (Chart)

(MENAFN- Daily Forex) Potential signal:

• I would be a buyer of AAPL if we can get a daily close above the $214 level if so, I'd be aiming for the $225 level, perhaps with a stop at the $212 level.

Looking at the Apple stock ticker, it looks as if we are doing everything we can to break out to the upside. I find that this is an intriguing move on Wednesday, because we do have the Non-Farm Payroll announcement on Thursday, and we are testing the crucial 200 Day EMA as well as significant resistance at the same time. Furthermore, I would also point out the fact that just above the $214 level, we have a major gap that has yet to be filled, and therefore think you have a situation where a lot of technical traders will be looking to push this market higher, perhaps to the $220 level or so.

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The Thursday session could be very noisy, and quite frankly it would not surprise me at all if that were in fact the case. The Non-Foreign Payroll announcement obviously will have a major influence on what people think is going to happen with risk appetite, and it's probably worth noting that we have the ADP Non-Foreign Payroll announcement during the same session as well, and I think that opens up the possibility of a lot of momentum. If we were to pull back from here, I think there are plenty of buyers for Apple, especially near the 50 Day EMA which is at essentially the $204.38 level.

Keep in mind that Apple is a massive holding for most larger funds, and that has not changed despite the fact that we have seen massive selloff during the month of April. The rest of the stock market fell apart as well, but Apple has grabbed a few headlines due to the situation between the Americans and the Chinese as far as trade tariffs are concerned. After all, Apple makes quite a few products in China, so therefore it put Apple under a bit of pressure. Apple is starting to diversify its supply chain, and the Chinese have come out to say that they are essentially in agreement with the United States, so at the end of the day this is probably much ado about nothing.

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