A pivotal point for Apple

If you bought Apple around $450 as I suggested, you should be happy now as Apple is reaching its near term high again, closed at $508 on Friday. I think Apple has a great potential to double in the next 12-18 months, since it has a lot of new products lining up and ready to be introduced in the next few months. No doubt Apple's worst time is over. All it needs is the momentum to push through the resistance line exactly at the current price point. You see, Apple is sitting right at this resistance line. If it breaks up through it, likely it may quickly jump to its next stop around $550. But it is also poised for a bearish technical patterning: a double peak. If it does not have enough strength this time to go further up, it then has to come back again and likely to test the low around the first support line at about $475. However, I'm biased for a strong and bullish prospect for Apple and I think it will likely follow Google to break out over the $1000 mark in not so far future! I bet this may happen next year in 2014.