Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Big December Ahead For Apple?

Published 11/30/2020, 02:24 PM
Updated 07/09/2023, 06:31 AM

Apple Daily Chart.

Apple (NASDAQ:AAPL) has remained well bid today despite the overall weak index trade. At midday shares are up 2% following positive comments from Morgan Stanley (NYSE:MS). This divergent action is setting AAPL up for an upside breakout. A clear take out of the November peak ($122) could spark quite a strong December.

AAPL has been trading inside the September range since holding major support near the $106-$107 area towards the end of the month: http://thisweekonwallstreet.com/apple-plan/. This key support zone held the November lows as well. With solid footing underneath we expect more upside next month and eventually a retest of the all time highs($138.00). On the downside, a close back below $112.00 would violate last week’s low sending clear warning sign that more sideways action is ahead.

Note: We are long AAPL in some managed accounts.

You can read Gary S. Morrow's original post here.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.