“After a stellar start to 2015, Apple stock has been stuck in neutral,” Amanda Diaz reports for CNBC. “But if history is any indication, the company’s stalled rally is setting up for a perfect buying opportunity.”
“‘I think this tight trading range is really just healthy consolidation,’ technical analyst Ari Wald said Wednesday on CNBC’s ‘Trading Nation.’ ‘The stock had moved up a lot, and it’s just moving sideways to work off some of those overbought conditions,'” Diaz reports. “According to Wald’s chart work, the recent activity in the stock has an air of familiarity. ‘It’s interesting to me the similarities between now and the summer of 2010 when Apple moved sideways for a number of months following a major breakout and then resumed higher.'”
“‘I think we could see continued [range] trading for another month,’ said Wald, head of technical analysis at Oppenheimer,” Diaz reports. “‘But we think the next significant move for Apple is higher. And the level we are watching is $145.” That’s a nearly 12 percent move from current levels and would mark an all-time high for the stock.'”
Read more in the full article here.
MacDailyNews Take: Ah, the tea leaves…