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Apple (AAPL) Remains Bullish After Breakout

In our previous look at AAPL, we saw the price action was turning from a consolidation mode into a bullish one. This week, price indeed pushed above a consolidation resistance thus signaling bullish continuation.

AAPL Daily Chart

(click to enlarge)

- As we can see on the daily chart, price retreated from just above 156 in June. 
- Then, it consolidated between roughly 142 and 148.50. This week, price broke above this small consolidation range.
- The RSI is also pushing above 60, which indicates that the previous bearish momentum in June is no more. 
- As mentioned in the previous update, the pressure is now back on the 156 area. 
- The bullish market is still intact, so even the 156 resistance looks vulnerable to a bullish continuation breakout.
- At this point, if price pulls back, holding above 148 would be a strong confirmation of the bullish continuation outlook.