Apple, after being rangebound through the fall, has been on a bit of a tear lately. The stock has rallied more than 14% in the past month, including a nice pop in Tuesday’s trading session even as the Dow Jones Industrial Average
took its biggest loss of the month.
“When things are going right, everything seems to go right and that is the case with AAPL right now,” he wrote, pointing to the additional tailwind from a technical viewpoint that he sees in this chart:
“A stock that refuses to go down will eventually go up. That’s definitely the case with AAPL here,” Ziedins wrote. “After a four month cooling off, this stock is finally ready to make its next move.”
He’s looking for Apple shares to take out their September high of $137.98, and then just keep on pushing higher into uncharted territory from there.
“Sentiment is bullish and that is a powerful force, especially following a five-month consolidation,” Ziedins said. “Now, that’s not to say this will be a straight line higher or this will occur over the next few days, but momentum is definitely behind this stock and it clearly wants to go higher.”
As long as Apple is trading above $120, he wrote, “all lights are green.”