Tech heavyweight Apple Inc. (NASDAQ:AAPL) is on the move, threatening to lift out of its two-month consolidation range as it coils up beneath its 50-day moving average. Shares have been languishing near $145, a level first reached back in May, after the so-called “FAANG” technology stocks got hit with selling pressure back in early June.

There is no specific catalyst for the rebound, merely the appearance of some “buy-the-dip” confidence after Federal Reserve Board Chair Janet Yellen wrapped up her two-day semi-annual testimony to Congress.

Shares should be good, at least, for a test of the May high near $156, which would be worth a 5.4% gain from here. Some nervousness remains in the air ahead of the unveiling of the iPhone 8 later this year.

Bank of America Merrill Lynch, in a recent note to clients, highlighted evidence of shipment delays for the iPhone 8 on production issues. Deutsche Bank maintains a $132 price target on worries expectations for the iPhone 8 may be too high.

Barclays Capital, back on June 15, said the upcoming iPhone cycle might not reach expectations of 10%-15% year-over-year unit growth as the premium smartphone category is stagnating and the iPhone is losing market share in the mid-range segment (especially in China).

So further upside could be limited.

The company will next report results on Aug. 1 after the close. Analysts are looking for earnings of $1.57 per share on revenues of $44.99 billion. When the company last reported on May 2, earnings of $2.10 per share beat estimates by eight cents on a 4.6% rise in revenue. As always, iPhone shipments and China sales will be the main focus.

Anthony Mirhaydari is founder of the Edge (ETFs) and Edge Pro (Options) investment advisory newsletters. A two-week and four-week free trial offer has been extended to Investorplace readers.