“Apple shares should lead indexes higher and, barring a market meltdown of sorts, the stock is poised to move higher through the rest of the month of January and through the remaining first quarter of the year,” Gordon Scott writes for Forbes.
“From a technical perspective five factors have appeared on the price chart for AAPL that make it a compelling buy between $110 and $115,” Scott writes. “The first is the fact that Apple shares recently bounced off of a 52-week linear-regression trendline. This indicates that despite the recent sell off in the market, for now, buyers still want to own this company and they expect the stock to continue its trajectory.”
Scott writes, “The second technical factor is a flag pattern on the weekly chart which indicates that should the stock resume its upward trend, it would have a price target of about $20 higher for the next two months.”
Read more in the full article here.