To receive further updates on this Apple Inc. (NASDAQ:AAPL) trade as well as an alert when it’s time to take profits, sign up for a risk-free trial of SlingShot Trader today. 

Apple Inc. (NASDAQ:AAPL) consolidated into a tighter and tighter range last week, and we expect this consolidation range is going to break out into another move to the upside as AAPL edges closer to becoming the first $1 trillion company.

At SlingShot Trader we’ve traded bullish options on AAPL multiple times during the past couple of years because of the company’s incredible fundamental strength, and it is that same strength that brings us back to the well one more time. Apple continues to impress with strong iPhone sales and excitement about the 10-year anniversary model of the iPhone (the iPhone 8), strong performance in its app and music sales, a huge cash pile that the company is managing like a hedge fund and its massive share-buyback program.

We expect AAPL to continue moving higher within the up-trending channel it has created this year and don’t think it will take too much to push the stock up to new highs at $160, where we have set our strike price.

‘Buy to open’ the AAPL July 160 Calls (AAPL170721C00160000) for a maximum price of $1.75.

Follow our Facebook page to receive each Trade of the Day direct to your News Feed.

You can learn more about identifying price patterns and using them to project how far you think a stock is going to move in our Advanced Technical Analysis Program.

InvestorPlace advisers John Jagerson and S. Wade Hansen, both Chartered Market Technician (CMT) designees, are co-founders of LearningMarkets.com, as well as the co-editors of SlingShot Trader, a trading service designed to help you make options profits by trading the news. Get in on the next SlingShot Trader trade and get 1 free month today by clicking here.