In the coming days Apple (AAPL) will be releasing their new iPhone. Just like any hot product, there are endless lists of rumors of what to expect; however, many are expecting not much. Apple is so far ahead of the competition, that some feel Apple will not add on too much.
Over the last year, Apple’s stock has been on some roller coaster. Going from $190 to $80 and now back up at $140. With the stock moving so much, how much higher can it go without some difficulty? The technicals show us we may be in for a brief pull back (Click on chart to left).
Using a simple trend line in combination with the Fibanacci tool, we can see that Apple is at a critical point in its move upward. Obviously a move above would be greeted nicely, otherwise consider taken profits.