AAPL is still/currently
holding above the top of the previous consolidation range (+98.25) which was the range where I
engaged in a new January 2017 Strangle ahead of the June FOMC rate decision;
however AAPL is still trading within
weekly value containment while below
100.50 and also holding within weekly value with very little energy. This
tells me AAPL is likely either on
hold until rate decision and/or needing a favorable FOMC rate decision as the
catalyst for higher or to have better odds to finally get above and stay above 100s.
If staying above the current uptrend line with 97.70 as the line in sand (LIS) I do
see potential for AAPL to get above weekly value/+100.50 and if so 101.80 becomes a potential upside target
ahead of the June FOMC rate decision, but in order for AAPL to have more of a macro bullish bias AAPL will at least need a breach and daily close above the low
volume area (LVA) at 102s-104s zone following the June FOMC rate decision.
Ethan Premock
Futures
& Options Strategist Hamzei
Anlytics, LLC