Apple Appears Headed to $600 in January

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

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.

AAPL Chart
Click to Enlarge

Chart Key[6]

  1. on Oct. 9. 2012:
  2. on Dec. 17:
  3. on Feb. 28:
  4. on July 9:
  5. on Sept. 27:
  6. [Image]:

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