Justin Pulitzer Says Apple Shares Will Be 'Range Bound'
Apple Inc. (NASDAQ: AAPL) shares will be "in a range for a little while and choppy," professional swing trader Justin Pulitzer told Benzinga on Tuesday.
"The 50-day moving average is important if you've been in the stock for a long time," Pulitzer said. "If you're long Apple, you want to be long the above the 50 day, and not so much the low."
Pulitzer was recently featured in The Wall Street Journal.
Pulitzer, who left the New York club scene four years ago to trade stocks, was described by WSJ as "among a vanguard of retail investors who are diving into the stock market with social media as their primary tool for research and communication."
Pulitzer studied finance at New York University and has more than 4,000 Twitter followers. He told Journal he plans to start his own subscription service in the coming months to build on his Twitter following.
Pulitzer declined to discuss his portfolio's performance with the newspaper, but said it's worth about $1 million.
Regarding advice for Apple investors, "if you're going to play Apple, the premium in there is too cheap and you have to play it directionally," Pulitzer told Benzinga.
Apple closed Tuesday at $129.98, up $0.56. Shares are up about 0.7 percent in the past three months.
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