Apple Inc. (NASDAQ:AAPL) stock records its fifth consecutive weekly gain and while price action volatility remains low earnings are in late January
Apple Inc. (NASDAQ:AAPL) stock closed this week out a single cent from a three dollar gain over last week. This is also the fifth consecutive week of overall gain for AAPL shareholders, and investors have been able to enjoy $16.87 dollars of additional share valuation since the last retrace in November. While not nearly as much of a run compared to September, it is difficult to argue with potential profit rather than the alternative.
Shares of AAPL have been on a run since early 2009 and right now they are in a very defined upward channel since May of this year, 2010. This trend is defined by highs and lows to plot the lines and is nearly parallel, provided small room for error. Momentum is scarce as is clearly evident enough, yet AAPL still manages to plow forward albeit at no record setting pace.
However, there is no technical reasoning behind a bearish retrace at this point in time even while stoc is going on half of a year of overbought. On balance volume while recently depleted has regained strength erasing a good deal of a bearish potential off the slate, and regaining strength replaces a bearish scenario with consolidation or erratic sideways movement as a worst case scenario in the immediate future. There is still buying interest in AAPL, no doubt about it.
Earnings are slated to be released by Apple on January 24, 2011. This is nearly a guaranteed time of which price action volatility will be injected back into AAPL if it has not already happened early into the new year. The company has a market value of $296,840,545,200 at the time of writing, and there are also 917,307,000 shares outstanding.