AAPL Stock Ready to Test Major Resistance – June 17, 2014

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AAPL Stock Ready to Test Major Resistance - June 17, 2014

AAPL Stock Ready to Test Major Resistance - June 17, 2014

Ever since the strong upside break from the triangle consolidation pattern earlier in the month, AAPL stock has been in a strong climb. However, it looks ready to encounter resistance near the $100/share mark while stochastic is reflecting oversold conditions.

Price still has a few points to go before testing the strong resistance area, which is in line with the previous year highs. Take note though that Apple recently had a stock split in order to encourage more traders to buy AAPL stock.

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AAPL Stock Outlook

Buying pressure for AAPL stock could be renewed since the company was able to settle a lawsuit involving e-book price fixing and was able to avoid roughly $840 million in claims. The trial was supposedly set in July and would seek to argue the case for Apple orchestrating an illegal scheme with publishers in raising e-book prices.

Aside from that, Apple is making waves in the environmental scene by improving its production practices and getting better feedback from groups like Greenpeace. Environmental fund managers took this as a sign to add AAPL stock to their holdings.

With that, AAPL could be in for a quick pullback upon testing the $100 area but the odds for an upside break is still high. In that case, AAPL stock could rally to the $150 mark probably until 2015 if positive prospect for the company keeps up. Take note that the keynote speech, during which new products or software are introduced, is scheduled for the latter half of this year and may have the potential to boost share prices higher.

Disappointment for these announcements, on the other hand, could lead to a deeper selloff until the 100 SMA which has served as support on the weekly chart.

To contact the reporter of the story: Jonathan Millet at john@forexminute.com