Is Apple (NASDAQ:) setting up for a fresh rally leg? Shares are moving well as the new week begins. At midday, the stock was up 2% and is one of only three gainers on the . This gain has lifted AAPL to new June highs as the 2021 consolidation continues.

Apple has been moving sideways since last September. A clear break above the May highs could bring an end to this phase with an upside breakout.

AAPL has solid footing in place. The 200-day moving average has held multi-week lows since early May.

The stock is far from overbought. Despite trading at just 10% below the all-time highs set back in January, the daily MACD remains below neutral while the weekly indicator is far below the levels reached in September of last year.

We believe AAPL is a fairly low-risk buy at current levels. On the downside, a close back below $123.00 would violate the June lows indicating more consolidation is ahead.

Note: We are long AAPL in some managed accounts.





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