Apple Inc. (AAPL) is one of my bread and butter stocks. Recently it’s been very quiet and choppy just consolidating near 52-week highs. Since this most recent rally began, we’ve seen a ton of great setups.
The stock now sits above recent range but has not seen a nice momentum move in while. Monday I got spun around in the name but ultimately bought back around $322.
The pattern seems ready to go. I will add to my position through $324.50-325.50 for what I believe will be a momentum trade. If the stock closes on a 60-minute basis above that level with volume (which has been light lately) it should ignite a move to $330+ considering that every major wire house says $400+.
If the trigger occurs I will be setting my stop at the $321 area. Continue reading for the chart analysis…
*DISCLOSURE: Long AAPL
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