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Two top chartists were weighing in on Apple this week. Carter Worth of Worth Charting and Katie Stockton of Fairlead Strategies believe Apple is in for a significant run. “We see a short-term trade with upside,” said Worth on CNBC’s “Fast Money” this week. He thinks the stock is likely to go up about 8% from where the stock is currently trading. Worth was right on the money back in the summer of 2022 when he said “sell it all” in a controversial call on Apple. The stock fell shortly after. AAPL .GSPT mountain 2022-08-01 Apple has been greatly outperformed by S & P Tech. Since then, it is up just 30%. The S & P 500 is up 50% in the same time-period. The S & P Tech Sector has doubled. Katie Stockton’s charts show Apple making “lower lows and higher highs.” Her thesis comes from a ‘triangle formation” which Stockton calls “the highest probability” kind of formation. “Apple can get up to $238 a share, that’s 15% higher than where we are right now,” she said. Stockton’s preferred method for tracking Apple on charts right now is “cloud model” which is based on predicting which way the rice trade could go in Japan, generations ago. “It provides one look at a primary trend with support and resistance,” said Stockton. On the fundamental side, Apple received an upgrade this week from Jefferies from “underperform” to “hold.” That’s not exactly a ringing endorsement, but the analyst group behind the rating hike said, “June quarter results could be a positive surprise, but September quarter guidance would likely still be subdued.” The stock is the fourth worst Dow performer year to date, down 16%. Since the day after Christmas 2024, the stock is down 19%.
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