Evercore ISI's Technical Outlook On Apple: 'Another $20-$26 Upside To $156 On The Stock'

Apple Inc. AAPL’s stock has been in a sideways trading range for more than 4 months now, even though there were many catalysts and announcement during that period that could have pushed the stock higher.

However, instead of seeing the stock’s inability to break the trading range on the upside as a negative Rich Ross, technical analyst at Evercore ISI, sees its perseverance of not going down below the trading range as a big positive. Ross was on CNBC recently to discuss the current technical outlook for Apple’s stock.

100-Day Moving Average Key Support

“As it pertains to Apple, look technology has been a rock against the sea of volatility out there and there’s no bigger rock than Apple,” Ross said. “I am still a buyer of this stock here. When we look at that chart, we are going to keep it simple, you see the stock has held that 100-day moving average. That’s your key line of support defining that uptrend.”

Bullish Continuation Pattern

 He continued, “And for the last 5 months we have settled into a bullish continuation pattern called the pennant or a flag if you will. This tells us that we should continue to the upside from this pattern. I think, there’s another $20-$26 of upside to $156 on the stock.”

$133: Strong Resistance

“Of course, we need to get out through $133 first that very well defined resistance. But, I think, we get there, I’d be a buyer I here in Apple and I think it’s a great place to hide, if you will, once again against the backdrop of increasing macro volatility,” Ross concluded.