Top Stock to Buy #2 – Apple (AAPL)
Apple (AAPL) has been a volatile performer, and I recommended selling it several times, including on Oct. 26, 2012, at $609 with a downside target of $587, on Dec. 17, at $509 with a target of $450, and on Feb. 28, at $444 with a target under $400.
Then, on July 9, near $414, I said, “Now, however, it is clear that all shorts should be covered in light of a possible saucer forming. A close above the resistance line at $465 would signal that a long-term bottom has finally been established.”
On Sept. 27: “The bullish saucer formation has continued to develop, a golden cross has formed, and MACD triggered a buy signal. The final bullish signal would be for AAPL to close above the resistance line at $500, but those who wish to take a modest risk could take positions now with a trading target of $570 and a stop-loss at $455. Apple has become a moving target, but a well-placed arrow here could result in a bushel of profits.”
The breakout at $500 occurred on Oct. 16, and the company just reported better-than-expected fiscal fourth-quarter results. The trading target is $600 by January.