The following is an excerpt from Annie Pei | October 13, 2016 | Yahoo.com |
Investors may want to take another bite out of Apple if one technician's chart predicts correctly.
Piper Jaffray technical analyst Craig Johnson looked at a long-term chart of Apple (AAPL) on Wednesday on CNBC's "Power Lunch." While Apple is currently on its longest winning streak since February 2015, Johnson sees more room to run in the next months.
Johnson says that while Apple now sits lower than its May 15 highs, the stock has found "really good support around $90." The stock closed at $117.34 on Wednesday, within $3 of Johnson's previous price target of $120.
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