I have received hundreds of emails today from readers who want to know on Apple’s stock will go next, i.e. my price target. As everyone knows, price targets are very hard to predict, but I will go to the charts to give you my price targets on Apple.
Apple has almost completed a bullish inverse head and shoulders pattern. In order for this pattern to be completed Apple must close above $450 dollars. If Apple close above $450, the next take profit or price target is $500, which it could hit in the next month or so. Why $500? It’s a psychological round number, where funds and retail investors like to take profits. Also, it fills a gap that occurred in January of 2013. As most traders know, gaps tend to get filled, especially on heavily traded stocks.
The next major resistance level for Apple is 545-550. That’s also the target from the bullish inverse head and shoulders pattern.
President of The Billionaires Portfolio