Over it CNBC’s “Options Action”, Carter Worth of Cornerstone Macro spoke of a bullish technical setup in Apple Inc (NASDAQ: AAPL). He noted that Apple peaked on September 2 and has remained unchanged since then, while the S&P 500 has gained over 7%. The stock fell 25% in two weeks after peaking and has since returned to its previous high. In principle, this is a setup for reaching new highs, Worth said. He also noticed a bullish wedge pattern and a cup and handle pattern on Apple’s chart. Worth thinks the stock will go up to $ 150.
To make a bullish bet, Mike Khouw wants to buy the $ 140 June call for $ 13 and sell the $ 155 March call for $ 3. The total cost of the trade is $ 10 and the distance between two strikes is. $ 15. The trade also breaks down to $ 150.
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