“Apple needs to firmly break above $355 a share – the neckline [of the inverted head and shoulders] – on convincing and strong volume,” Andy Zaky writes for Seeking Alpha. “A major break above $355 will lead to an immediate move to $400. I think the highs would easily be eclipsed and the stock will rally to $400 by July earnings.”
“The next few sessions are very key for Apple,” Zaky explains. “The WWDC is also very key. You don’t want to see Apple sitting at technical resistance at the WWDC. That would pretty much put a nail in the coffin to this rally, which will likely end in failure unless Steve Jobs announces the iPhone 5 or iPhone 4S.”
Zaky writes, “So if Apple is trading near $355 and struggles to break above that mark on the day of the keynote and you see the stock start to fall back, that should raise major warning bells for an impending major sell-off. So far we’re off to a great start, and I’ll keep everyone updated as to Apple’s trading progress as the week goes on. Suffice it to say, this is the start of really good things. This could very well be the beginning of the rally to $400 that everyone has been waiting for. Now if this does indeed happen, I also believe Apple will easily eclipse $450 by January. Again, that assumes we do in fact get this June-July rally. Stay tuned.”
Much more in the full article here.
[Thanks to MacDailyNews Reader “Joe Architect” for the heads up.]