After a blistering two-month rally, shares of Apple Inc. (NASDAQ:AAPL) are closing in on the all-time high they set in September of 2012. And because Apple just split its shares 7-for-1, that much-watched level is not $705, but the easily remembered $100 (or roughly $705 divided by 7).
The good news for impatient investors is that according to Carter Worth, the chief market technician at Sterne Agee, that level will be breached in the near future.
First of all, despite the stock’s rally of some 25 percent over the last two months, Apple has been badly underperforming the SPDR Technology ETF (XLK), of which it is by far the highest-weighted component.
Watch the video below as Carter Worth goes over the technicals on the stock: