Apple Defies Gravity
12/09/2013 7:00 am EST
With the tech sector making new highs even as the broader market has pulled back some, Scott Redler of T3 Trading Group takes a technical look at this tech giant’s prospects in the months ahead.
Apple (AAPL) stock experienced well-publicized decline from over $700 down to below $400, but finally found its footing in late June-early July. Since then, AAPL has presented multiple technical set-ups to potentially provide calculated entries.
In my weekly appearance on theStreet, I spoke with Debra Borchardt about AAPL's recent movement and potential for the next few weeks/months.
Below you can see the three charts that I sent over to theStreet ahead of the segment that outline the cleanest set-ups in AAPL that have shown their face over the past few months.
While AAPL has come a long way over the past few months, I believe after some consolidation of recent gains, it can still go higher. New iPad Air Sales have been robust, the China Mobile deal opens up the iPhone to a customer base that is seven times as big as Verizon, and we still haven't gotten announcements about new products that seem clearly to be in the works. Prominent investors like Carl Icahn have taken stakes in the company and declared it a great value investment even without a more aggressive share buyback program.
*DISCLOSURES: No current position
By Scott Redler, Chief Strategic Officer, T3 Trading Group