If you watch my Morning Call and/or Daily Recap, you know I watch Apple Inc. (Nasdaq:AAPL) every single day. That doesn’t mean I trade it every day, but it is always on my radar as a stock to trade on several different time frames. After trading it only for cash flow over the past month, I feel Apple is ready to breakout to new highs.
Apple held support with the market on November 17th, and since then has shown significant relative strength along with most other tech leaders. The upper channel has remained intact for a month and a half, and now seems ready to resolve to the upside.
I got into a tier one feeler yesterday and am looking to add tier two long this morning as we open through the recent pivot above $317.70. If we can hold above that level, which looks like we will this morning, Apple has room to the $321 highs. If we can get through new highs we will look to add more for the breakout. A close above that level could trigger the measured move to $335-$340. The trade would technically change if it trades below $308, so that should be your stop.
*DISCLOSURE: Long AAPL
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