Is Apple Showing Signs Of Tiring Despite Price Target Increases?

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Apple Inc. AAPL shares were trading lower by $0.14 at $128.95 in Tuesday's session. Despite a price target increase for the second day in a row -- Morgan Stanley from $133.00 to $160.00 on Monday and Oppenheimer from $130.00 to $155.00 on Tuesday-- it has not been able to reach its all-time high made on February 24 ($133.60) or come close to its all-time closing high made on February 23 ($133.00).

It has been in a very tight range from $128.09 (today's low) to $130.57 (Friday's high), which is unusual for the normally volatile issue. In addition to the tight trading range, it has made four lower highs since reaching peaking last Wednesday, which is not a sound technical pattern.

Related Link: How Will Apple React To What This Analyst Says On Friday?

Perhaps investors are taking a note from history when a parade of upgrades and price target increases coincided with its topping out in 2012 at $100.72 before swooning to $55.01 in April 2013.

For the time being, sellers have not been unable to take the issue below the $128.00 level and it has put in place a trio of lows in a narrow range ($128.09 to $128.34) over the past three sessions, including today. If that level is breached, there may be minor support at it February 26 low ($126.61), but may not find any major support until its February 11 low ($122.50).