If Apple can break through this level, charts suggest new highs ahead

Keris Lahiff for CNBC:

JC O’Hara, chief market technician at MKM Partners, says upward momentum in Apple shares should continue.

“This stock has been in an uptrend for the majority of 2019. We’ve seen a series of higher lows take place,” O’Hara said Monday on CNBC’s “Trading Nation. ”

Apple shares have climbed more than 30% this year. Since its recent low in June, it has surged 22%.

The stock has been marooned beneath one key level this year, though O’Hara sees that soon changing.

“Yes, $200 to $215 has been formidable resistance, but we really believe that if these trends continue to push positive that we will ultimately see a break above that level. Then all of a sudden, we’re looking back at the 2018 highs around $230,” said O’Hara. “We really think there’s at least another 8% to 10% baked into the stock with these positive trends behind us.”

Apple last hit a record high in October. It is 12% below that peak.

MacDailyNews Take: We very much look forward to our next “Apple shares hit new all-time intraday and closing highs” article. It’s been awhile!

1 Comment

  1. ““Yes, $200 to $215 has been formidable resistance”

    Since the week of APR 5 I have made 13 short term trades of AAPL Call options witth the goal of making 15+% on each one. In that period of time 9 were successful with the remaining 6 lossing, on average, 55% each time. EACH LOSS CORRESPONDED EXACTLY TO TWEETS BY TRUMP.

    That “forminable resistance” is not technical nor fundamental, it is the result of a POTUS that can’t keep his mouth shut.

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