AAPL: Reaching For Price Targets
Seeking Alpha Analyst Since 2011
Summary
- AAPL broke out of a converging triangle.
- With high probability heading to $125.33.
- Reaching next target of $137.97 depends on price action not yet confirmed.
After breaking out of a triangle, Apple (AAPL) stock has had 6 bull bars in a micro-channel (i.e. no pullbacks). This is a very strong move up. The first target is $125.33 and should be easily reached.
The next target is all-time-high at $137.97. If we get to target 1 without significant pullback, then I will hold all shares with expectation of the 2nd target.
It should be noted that triangle is a trading range and once there is a confirmed breakout, there are usually two legs. We are still in the first leg up.
Overall, BULLISH and moving up.
Analyst's Disclosure: I am/we are long AAPL.
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