APPLE confirmed a bullish extension. Potential for $167.

Apple Inc. (AAPL) broke on Friday above the 1D MA50 (blue trend-line) following the strong rebound after Wednesday's big drop on the monthly inflation (down -0.5% to 7.7%), fueled by hopes of a future monetary easing by the Fed. Even though technically the last rejection was made on the 1D MA200 (orange trend-line), it is the 1D MA50 that confirmed the bullish extension during both July 07 but mostly March 22, which is the fractal that resembles the price action since mid-August the most.

With the RSI sequences between the two quite similar, it appears that we are in that final phase that will form the new Lower High on the Lower Highs trend-line since January 03, which has been basically the Resistance of this whole Bear Cycle. The March 2022 rally topped above the 0.786 Fibonacci retracement level. That is now on $167.45, with the January Lower Highs trend-line extending even above $170.00. Solid medium-term buy opportunity for Apple.



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