Apple Breaks Through Key Level

Apple, $AAPL, broke through the $600-per-share level Monday.

The price had stymied the stock in the past. But investors on StockTwits.com say that, with the key resistance level now behind it, Apple shares are ready to run.

$AAPL once it's over the 600 wall, it ain't gonna climb back over

— Bob (@KeltechTrading) May. 5 at 03:35 PM

The ticker was the most discussed on StockTwits.com Monday afternoon as shares neared the key price point.

$AAPL Somebody buy a share for 600 already

— Rosalyn (@BeyondPale) May. 5 at 03:48 PM

Good news Monday helped drive shares more than 1% higher to close above $600. A jury upheld a $119 million patent-award against Samsung. However, the verdict fell far short of the $2.2 billion in damages Apple had initially sought for patents it claims are violated by Samsung’s smartphone features. Apple won a $1 billion judgment against Samsung a couple years ago that is also in dispute.

The $600-per-share price point was a new 52-week high for Apple. Shares had not topped $600 since October 2012. That year, Apple hit an all-time closing high of $702-per-share, according to charts on Yahoo Finance.

Investors now believe the stock could reach $620 in the near term. Consensus price target is $616-per-share, according to the Analyst Ratings Network.

@KeltechTrading next guestion is what day it closes over 600 then I could see it going to 620

— john erickson (@2btheman) May. 5 at 03:37 PM


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