Apple (AAPL Stock) trades in a range as it takes turn to release earnings

The Apple stock (NASDAQ: AAPL) has been trading in a sideways range, between 131.30 and 135.60, since April 9^th. However, zooming out, we can see that the broader trend remains to the upside, with the stock staying above the upside support line drawn from the low of September 21^st. With all those technical signs in mind, we would consider the medium-term outlook to be cautiously positive.

Today, after the closing bell, Apple releases its earnings results, where it is expected to increase its dividend and authorize further stock buybacks. Something like that may encourage investors to push the stock above 135.60, the upper end of the aforementioned range, something that may initially pave the way towards the 137.80 barrier marked by the high of February 9^th. Another break, above 137.80, could carry more bullish implications, perhaps setting the stage for advances towards the high of January 27^th, at 144.30, or the record peak of 145.00, hit on January 25^th.

Shifting attention to our short-term oscillators, we see that the RSI, although above 50, is now pointing down, while the MACD is positive, but slightly below its trigger line and flat. Both indicators detect slowing upside speed and support our view to wait for a move above 135.60 before we get confident on additional advances.

On the downside, a dip below the lower end of the pre-discussed range, at 131.30, could signal the beginning of a downside corrective move. We may initially see declines towards 128.20 or 127.20, marked by the inside swing highs of March 2^nd and March 16^th, the break of which could see scope for extensions towards the 124.20 area, defined as a support by the inside swing high of March 23^rd.

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