“Shares of Apple have advanced 20 percent in the last six months, and nearly 4 percent alone this month. Ahead of its quarterly earnings announcement on Jan. 31, Rich Ross of Evercore ISI said the charts show an ultra-bullish trend,” Ungarino reports. “‘I think if you put aside everything you think about the company, when you break it down on just a technical basis alone, you’re staring at a very bullish stock chart in the short, intermediate and long term,’ Ross said Wednesday on CNBC’s Trading Nation.”
“Examining a chart of Apple stock since 2011, in which the stock traded around the $50 level, Ross points to a ‘strong case for a breakout to a new all-time high’ because a technical symmetry has formed between the decline in shares in 2012 and 2013 and the decline in shares between mid-2015 and mid-2016,” Ungarino reports. “Over six to nine months, Ross sees the potential for upside to $135 per share, with the possibility to reach the $150 mark in the next year to 18 months.”
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MacDailyNews Take: A new string of “all-time high” posts would be almost as wonderful as seeing new Mac desktops and strong, aggressively-priced iPad updates hitting the market in adequate supply.
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