“Apple Inc.’s breakout above $600 a share has piqued the interest of bullish chart watchers, with Oppenheimer’s head technician Ari Wald suggesting a return to record highs — about 16% above current levels — may be on the horizon,” Tomi Kilgore reports for The Wall Street Journal.
“The stock yesterday closed at $604.59, its highest level since October 2012. Shares were up again slightly in morning trading Tuesday, to $604.78,” Kilgore reports. “Apple’s rise above resistance at $600 — the stock had peaked briefly around that level earlier this month — leaves the path pretty clear from a technical-analysis standpoint until the next resistance at the $650 pivot level, Mr. Wald said.”
“Above $650, the next key chart point to watch is the Sept. 19, 2012 record closing high of $702.10, Mr. Wald said, which is 16% above current levels,” Kilgore reports. “‘I’m playing for a test of its all-time high around $700,’ Mr. Wald said. ‘Once you get to new highs, you reevaluate.'”
Read more in the full article here.
[Thanks to MacDailyNews Reader “Arline M.” for the heads up.]