A Bullish Technical Take On Apple Stock

Benzinga's Neil Hamilton said he is bullish on Apple AAPL overall Monday during Benzinga's YouTube show "Get Technical."

The 50-day moving average is an important indicator to watch for Apple, Hamilton said. 

When Apple broke back above the 50-day moving average, it was a "sign of health" for the stock, he said. 

Hamilton does not see a problem entering Apple now as long as a stop loss is set around 5%-8% below the point of control at $134. 

Apple Price Forecast: Hamilton said he expects resistance around $138, which he said will likely bring the stock back down to the point of control.

The stock can resume its rally at that point and move back up toward its previous all-time high, the "Get Technical" host said. 

If Apple can break above its all-time high, "a much bigger price target" comes into play, he said. 

Hamilton is targeting a potential move to the $162-$175 range. 

Apple is planning to hold its first event of 2021 at 1 p.m. Tuesday. 

See Also: Apple Launches $200M Fund To Counter Climate Change

AAPL Price Action: Apple was up 0.27% to 134.53 at last check Monday. 

Image by Firmbee from Pixabay.