“Carl Icahn picked the perfect time to talk up Apple Inc,” Tomi Kilgore reports for The Wall Street Journal. “The stock was already on the verge of a big breakout, says Asbury Research director of research John Kosar, and Icahn just helped it along, paving the way for a potential further 13% gain from Tuesday’s closing price. Shares recently rose more than 1% in early Wednesday trading, jumping as high as $499.93.”

Kilgore reports, “Kosar noted the stock had opened above key resistance at the $465-to-$470 level, which was the upper boundary of a sideways trading range the stock has been stuck in for the last six months. The bottom of that range was roughly $385 to $390. In addition, he said the stock was already trading above the 200-day moving average for the first time since Nov. 2, 2013 [sic: should be “2012”]. He said the next key resistance area is the $506-to-$522 range, which was previously strong support at the May and November 2012 lows. However, Kosar targets an eventual advance to $555.”

Read more in the full article here.

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