Runaway Bull Stampede In Apple: A Technical Look
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Apple Inc. (NASDAQ: AAPL) shares were trading higher by $2.88 (2 percent) at $132.38 in Monday's session. After a muted rally on Friday, the issue is exploding to the upside off a positive article in Barron's over the weekend.
The article called for the issue to increase as much as 50 percent in the short-term. It cited rapidly expanding revenue, cost-cutting measures, price stability in its products, Apple TV and increased dividend and share buyback as possible catalysts.
After a modestly higher open ($130.02 vs Friday's close of $129.50), it retreated just $0.36 before exploding to the upside. So far, it has reached $132.32 in Monday's session and is trading just off its highs for the session.
This marks the 10th consecutive session in a row it has increased in price and has made a new all-time high in seven of those 10 sessions. Also, it has rallied from $109.14 on January 27 to its current level after posting much better-than-expected Q4 earnings ($3.06 vs $2.59).
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.