Apple Appears Headed to $600 in January

by Sam Collins | November 27, 2013 7:26 am

Apple Appears Headed to $600 in January

Apple (AAPL) — In the past year, this volatile performer was on our sell list numerous times, beginning on Oct. 9. 2012[1] at $638. I continued to recommend selling on Dec. 17[2] at $510, and on Feb. 28[3] at $440, with a downside target of $500 to $450.

Then, on July 9[4], near $410, I said: “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.”

And on Sept. 27[5], “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.”

AAPL has since closed above $500, and then consolidated along a line at just under $540. This is the new resistance, and a close above that line on higher volume should result in a quick hop to our trading target of $570, and then to the January target of $600.

11 27 13 aapl 300x193 Apple Appears Headed to $600 in January
Click to Enlarge

chart key 300x84 Apple Appears Headed to $600 in January[6]

Endnotes:
  1. on Oct. 9. 2012: http://investorplace.com/2012/10/trade-of-the-day-apple-nasdaq-aapl-6/
  2. on Dec. 17: http://investorplace.com/2012/12/trade-of-the-day-apple-nasdaq-aapl-10/
  3. on Feb. 28: http://investorplace.com/2013/02/trade-of-the-day-apple-nasdaq-aapl-11/
  4. on July 9: http://investorplace.com/2013/07/trade-of-the-day-apple-aapl/
  5. on Sept. 27: http://investorplace.com/2013/09/trade-of-the-day-apple-aapl-4/
  6. [Image]: http://investorplace.com/wp-content/uploads/2013/05/chart-key.gif

Source URL: http://investorplace.com/2013/11/trade-day-apple-aapl-2/
Short URL: http://invstplc.com/1bDtsz7