On November 13, we noted, “After finding support at $220, Apple is attempting to push higher. From its last traded price of $224.23, we’d like to see it initially retest $235. Helping, analysts at Evercore ISI just reiterated Apple’s outperform rating.”

At the moment, Apple is back to $242.84 and could push even higher after a likely pullback.

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After a substantial move from about $220 to $242.84, Apple has become technically overbought on RSI, MACD and Williams’ %R. From here, it could easily pull back temporarily, which offers us an interesting opportunity on the short side. Believing Apple could pull back to about $230, you can always short the Apple stock or pick up a put option.  

Once the stock does pull back, we’ll look for another opportunity on the long side again, too.

Sincerely,

Ian Cooper