Sunday, June 20, 2010

Apple Inc. (AAPL) - Upside Target

As you know I've been bullish on Apple Inc. (AAPL) based on its relative strength vs. the S&P as well as the triangle formation. This formation is one of my favorite patterns to trade because the moves are usually fast and furious. Hopefully this fast move will continue to the upside.

If you take the widest part of the triangle, you will see that this distance is approximately 36 dollars. If you add 36 to the breakout level of 264, you will get an upside target of about $300. This is also a psychological resistance area so the 300 level should be a great upside target to shoot for.

Apple Inc closed on Friday at 274.07 which was up 20.56 for the week. Lets see how things unfold this coming week, should be interesting!

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