U.S. markets closed
  • S&P 500

    4,395.26
    -23.89 (-0.54%)
     
  • Dow 30

    34,935.47
    -149.06 (-0.42%)
     
  • Nasdaq

    14,672.68
    -105.59 (-0.71%)
     
  • Russell 2000

    2,226.25
    -13.78 (-0.62%)
     
  • Crude Oil

    73.81
    +0.19 (+0.26%)
     
  • Gold

    1,816.90
    -18.90 (-1.03%)
     
  • Silver

    25.55
    -0.23 (-0.90%)
     
  • EUR/USD

    1.1872
    -0.0024 (-0.20%)
     
  • 10-Yr Bond

    1.2390
    -0.0300 (-2.36%)
     
  • GBP/USD

    1.3908
    -0.0050 (-0.35%)
     
  • USD/JPY

    109.6500
    +0.1890 (+0.17%)
     
  • BTC-USD

    41,746.64
    +144.99 (+0.35%)
     
  • CMC Crypto 200

    955.03
    +5.13 (+0.54%)
     
  • FTSE 100

    7,032.30
    -46.12 (-0.65%)
     
  • Nikkei 225

    27,283.59
    -498.83 (-1.80%)
     

Carter Worth And Mike Khouw Think Apple Is Headed Higher

  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

On CNBC's "Options Action," Carter Worth of Cornerstone Macro spoke about a bullish technical set up in Apple Inc (NASDAQ: AAPL). He noted that Apple peaked on September 2 and since then it has been flat, while the S&P 500 gained more than 7%. The stock dropped 25% in two weeks after the peak, and since then it has returned to its former high. In principle, this is a setup for a breakout to new highs, said Worth. He has also noticed a bullish wedge pattern and a cup-and-handle pattern on Apple's chart. Worth thinks the stock is going to $150.

To make a bullish bet, Mike Khouw wants to buy the June $140 call for $13 and sell the March $155 call for $3. The total cost of the trade is $10 and the distance between two strikes is $15. The trade breaks even at $150.

 

See more from Benzinga

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.