AAPL Looks to Breakout of Falling Wedge
Price is facing resistance at the $164 level - the upper end of the current falling wedge. Price has previously bounced off this level of resistance several times and looks to set to do so again. RSI also looks weak; it has failed to cross 65 since early January but has repeatedly touched oversold levels. However, the strong bullish momentum we have seen in the past several days may just propel price to a breakout. Other players in the tech sector, including Microsoft and the Nasdaq index, experienced similar falling wedges and broke out earlier this week. So price could resolve to either direction from this point. If price does breakout at market open on Monday, you could get in long; on the other hand, if price bounces off resistance, you could get in short until support comes in at the lower end of the wedge.
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