When a stock breaks above its ascending channel resistance level, it often signals a continuation of the uptrend, with the next price target typically being the previous breakout target plus the channel width; for example, Apple's previous breakout from $200 to $260 suggests a similar pattern could lead to $320 from the current $300 breakout level.
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Apple broke $300. Is $320 next?Added:
Let me show something about Apple. I had this ascending channel. Apple's done this before. Um, it did it a couple years back where it had historical ascending resistance that it broke above. And when it did that, it was around $200 a share and then it went up to 260. This breakout here at 300.
That's why I said to you that it wouldn't shock me if we hit 320 here.
It's clearly clearly climbing. Whenever you see price respect the 5 EMA, you know it's hot. It's actually not even pulled back to it. So, it almost looks like it's responding to the 4 EMA, which is ridiculous. Support would be at around 309. I could see us tapping and going to 320. Probably will trade this later today on any pullback whatsoever.
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