- Apple ( NASDAQ: AAPL ) shares have gained more than 18% over the past month, as markets have recovered from their first-half decline. However, a market strategist at Bank of America thinks there may be more upside if the stock can break above its peak set in December 2021.
- Chief Market Technician Stephen Suttmeier said that if Apple ( AAPL ) were to hold above or near the $157-$150 area on dips, that would set up a "bullish head and shoulders continuation pattern."
- If that happens, Apple ( AAPL ) could then head towards the December 2021 peaks from $176 to $183. If that happens, it would confirm the pattern and there could be "further upside" for the tech giant in to the $230s, Suttmeier wrote in a note.
- Apple ( AAPL ) shares were fractionally higher at $174.62 in mid-day trading on Thursday.
- Earlier this week, Credit Suisse upgraded Apple ( AAPL ) to outperform, citing the company's massive user base of almost 2 billion installed devices .
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Apple could go to $230s if it breaks above December 2021 peak, BofA says