$AAPL 8-12% Move Higher Coming Next Week?

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Next Week we have the much anticipated $AAPL event.  The invitation said that it will "brighten everyone's day", but what does that mean for $AAPL investors?  With this Sept. 10th date already out there, many think it is a sell the news event.  Also lets take into consideration this same time last year  when $AAPL traded at its highest price in its history.  It then sunk over $300 before bottoming in April of this year.

Let's step away from the negative taste in the mouths of investors who were buying at the top last September.   Let's ignore those who think that growth and $AAPL don't belong in the same sentence anymore.  Let's forget that Carl Icahn took a sizeable position in the stock because its under valued.  Lets tune out the recent positive analyst remarks, the same analysts who were calling for more upside at $700 and more downside recently at $400.  The same analysts  that don't want to be wrong for a third time on $AAPL.

Let's just look at $AAPL's chart, tune out the noise, ignore everything else....  Recent action has brought the stock into a phase of consolidation, a bull flag.  Bull flags are reliable continuation patterns that resolve to the upside.

 

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A 3% move from Fridays close will send $AAPL $515, that is the top side of the flag and a break of that will put the stock on track for a move to $540, which we could see before the end of the week.

I think from there $AAPL is setting up for a move over $600 and then, yes I've been saying this for a while now, I think $AAPL hits new all time highs before years end.

 

Profile photo of uranium-pinto-beansKnown to most as Uranium Pinto Beans, Jason has more than 15 years under his belt of trading stocks, options and currencies. His expertise primarily lies in chart analysis, and he has a strong eye for undervalued stock. Because he’s got the ability to identify great risk/reward trades he usually enjoys taking the path less traveled and reaping the benefits from the adventure.

He is a co-founder of Option Millionaires, and he is best known for his weekly webinars with Scott, as well as his high level training webinars and charts found in the forums.

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