Trade of the Day: Apple (AAPL)

AAPL completed a bullish continuation pattern — referred to as a “bullish wedge” — last week when it broke above $520, and we think it is in for a good run. Based on the bullish $50 move headed into the continuation pattern (from the breakout of the inverted head-and-shoulders pattern at $490 to its recent highs at $540), we are setting our price target at $570 (adding $50 from the breakout point of this bullish wedge at $520). While we are anticipating a strong move in AAPL, we do not expect it to be a short-term phenomenon. We are anticipating AAPL is going to climb through the end of the year, and beyond. That is why we are giving ourselves plenty of time in this trade with a February expiration date.

Trade of the Day: Apple (AAPL) | InvestorPlace.

go AAPL!

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