Let’s start with the monthly chart and take a long view look at AAPL’s price actions. I have defined an ascending price channel using the 2009 and 2013 low to establish the lower channel trendline, and then project a parallel trendline up to the 2012 high. These two trendlines defined the multi-years price channel. I have also overlay a Fibonacci retracement using the 2009 low and the 2012 high as the swing points. As you can see from the chart, after AAPL made its peak in 2012, it retraced back toward the Fib 50% level then rebounded from there. At the end of 2014, AAPL stock price nearly reached the 127% extension near the 125 level. This 127% Fib also in confluence with the price channel’s upper level near the 125 mark.
(click on the chart to enlarge)
Now let’s turn to the weekly chart and take a closer look at the price actions. I have also defined an ascending price channel within the multi-years price channel using the June 2013 and April 2014 low to establish the lower channel trendline, and then project a parallel trendline up to the November 2014 high. These two trendlines defined this weekly price channel. As the upper trendline extend outward, it crosses the upper trendline of the multi-years price channel near the 125 level.
Drilling further down into the price actions, we will now look at the daily prices. In the daily price chart, I have applied a Fibonacci retracement to the daily price chart using the October 2014 low and the November 2014 high as the swing points. In this price swing, the price has been bouncing off the 38.2% Fib level a few times. As the price move upward and above the 100% level at 119.75, the 127% Fib extension project a price target at 126.43, which is close to the price level of 125 projected by the monthly and the weekly price actions.
Finally, looking at the intraday prices on the 78 minutes price chart, we can see clearly AAPL has been trading within a price range between 105 and 115 since December 2014. When we apply the measure move of nearly 10 points to the top of the trading band, it projects a price target near 125.
From my multiple time frames technical analysis, the near term price target for AAPL appears to be around the 125 region.
