AAPL (Apple) at 414.99 Extends Gains Following Breakout of the 7-week Triangle (BUY)

AAPL broke out of the 7-week triangle consolidation before posting new all-time highs. While the 2-1/2 year rising trendline support (from 13 Mar 2009/07 May 2010/24 Jun 2011 lows) hold, scope remains for bulls to target 443.67 (Resistance 1) then 479.15 (Resistance 2) which guards 518.64 (Resistance 3) (all Fibonacci projections).

However, a clean break below 353.02 (Support 1) near the long-term rising trendline support would confirm the trendline break suggesting further downside. Below would open 310.50 (Support 2). A clean loss there would expose 275.00 (Support 3).

Trading Indication:
Short-term (Intraday): Buy at 360.00 or lower;
Target at 443.67 and higher; Stop Loss at 353.00 (2.0%)
Long-term: Possibly sell higher