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