Eagle Bay Capital Founder and Market Technician JC Parets tracks 30 Dow stocks every week. Looking at last week’s chart for Apple Inc. (NASDAQ: AAPL), the expert and his team draw a few conclusions.

The weekly chart shows that structurally, shares of Apple are “in a solid uptrend.” In February, the stock hit the firm’s upside target near $129 “based on the 161.8% Fibonacci extension of the entire 2012-2013 decline.”

In addition, “momentum is putting in a bearish divergence at these new highs. This continues to suggest taking profits until it digests these gains further and approaching this more from a tactical perspective.” (see daily chart below)

Parets adds that, “with an upward sloping 200 week moving average and relative strength in a strong uptrend,” he sees little reason to be short. He assures he would continue to wait for more data before acting on this again.

Regarding last Friday’s action, the stock hit Eagle Bay’s upside target in February, near $129, “based on both the weekly price objective as well as the 161.8% Fibonacci extension of the November-January decline.”

“With an upward sloping 200 day moving average and momentum in a bullish range I see little reason to short this... I would prefer to wait for more consolidation and buy a breakout above the 3/19 highs above 129. Until then we wait. We do not want to own AAPL if prices are below the 3/19 highs.”

Shares of Apple were up about 2 percent on Monday.

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