With Apple (AAPL)’s stock down 35% since Sept. 19, the challenge of predicting where the ticker goes next has become quite a challenge. However, according to StockMonster’s Guy Adami, Apple could be a long trade once again considering that the stock has broken above the steadily downward trendline.
Looking at the stock’s price chart on March 3 and March 4, Adami noted on CNBC’s “Fast Money” that shares with the biggest weight in the S&P’s 500-stock index appeared to have bottomed out at $419.
“I think the stock is flush to a point now — at least against $420 – which in percentage terms is not that big a deal if your reward is north of $500,” Adami said, noting that given the fact that the stock has stopped nosediving – it could be a “Buy” again soon “especially if you believe that this tape is not on the way down, that this tape is still in ascension.”
“For the first time in a while, Apple might actually look interesting,” he added.