Apple (AAPL) Breaking Above Resistance…and MacWorld Expo Is Coming
12/30/2009 12:01 am EST
Apple (AAPL) has broken above an area it has tested a few times recently in the $210 area.
Initially, myself and many other traders wondered if it could break through that level as well as stay above the 50-day moving average, which it has.
This breakthrough, combined with the fact that MacWorld Expo is coming up in early February, should combine for a healthy move to the $225 level, although it may take a month to get there.
Apple isn’t officially participating in MacWorld Expo in 2010, but the buzz that always surrounds the Mac-centric trade show should be enough to push the stock higher.
There are also rumors of a new product announcement in late January.
If you are willing to wait, AAPL should be a nice swing trade for those who are patient enough for the ride.
By Tim Bourquin, trading content director, MoneyShow.com
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