Apple, Inc. has been one of the best performing stocks over the last eighteen months, but the tech leader seems to have enough juice in the tank to make a run at $300.
Apple, Inc. (ticker: AAPL) has been in a period of range contraction over the last three months of trading, which indicates a breakout opportunity could be around the bend.
Over the last year of trading, AAPL has cycled through 3-month periods of range expansion and range contraction, alternating stages along the way. The current period of range activity has occurred after a period of bullish range expansion, which saw price rally from $190 to $270 in three short months.
Now price is coiling within a developing triangle pattern, which could offer a breakout opportunity that sparks a $45 move.
If price can close above the $266 level, we could see a rally to $300 in July or August.
To be precise, the triangle forecasts a move of $47.25. Forecasting this value from the anticipated breakout level of $264 gives us a target of $311.25. Therefore, $300 is a soft target that could easily be reached if we get an upside break through the top of the triangle pattern soon.
Remember, we need to see a close beyond $266 in order to confirm the breakout opportunity.
What do you think? Does Apple have a chance?
Cheers!
Frank Ochoa
PivotBoss.com
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