After making a “higher low” when it bottomed at the end of June during the Brexit market sell-off, Apple (AAPL) has rallied roughly 15%. Included in this rally is the 6.5% gain it experienced on July 27th following its Q2 earnings report.
The reason we’re pointing out Apple this morning is because it’s finally testing a break above the top of its 12-month downtrend channel. This is a first-step in turning a downtrend into a new uptrend.
The longer-term chart for Apple (AAPL) is notable as well. As shown below, the recent pullback for the stock from peak to trough looks very similar to the one that occurred back in 2012/2013. So far, the bottom of its seven-year uptrend channel has held. As long as that’s the case, “technical” investors will find it attractive.