Apple (AAPL) releases earnings tonight after the close. If the stock pops 3-5% in reaction to earnings, the next upside target window is somewhere in the vicinity of 335-340, which will be well above the upper channel line off of its January 2009 low at 79.31.

A surge outside of the channel on news often turns out to be a blow-off type near-term peak ahead of a significant bout of profit-taking within a new corrective process.

By Mike Paulenoff

Mike Paulenoff is author of MPTrader.com (www.mptrader.com), a real-time diary of his technical analysis and trading alerts on ETFs covering metals, energy, equity indices, currencies, Treasuries, and specific industries and international regions.

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