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!