Apple (AAPL)

Today Raymond James upgraded Apple (AAPL) to Strong Buy from Outperform and placed a $600 target on the stock.  With AAPL closing Friday at $396.53 this represented a near 51% increase in price and even from today’s closing price of $409.51 leaves a roughly 46.5% gain if RayJay ends up being right.

Where I see the opportunity residing is trading again the recent lows, $388.87, which look like they are trying to help carve out a double bottom.  Below there and I will want to re-evaluate and look for a better position.  Target on the upside below RayJay’s target could be the slightly higher 20 day, the downtrend line, the 61.8% fib and then for fun I put the current Goldman Sachs target on there which would also likely be a key level of reference.  Lastly, depending how any rally took place, the 200 day SMA wherever it comes in but would likely be below $500 unless the move started now.

I would be looking for some pullback to try and get an even better price as well as would likely not personally go full position right away but it does seem that even if RayJay is wrong, there could be more upside profits to be had.