Shares of Apple Inc (AAPL) are surging today. In fact, there is an Apple stock chart breakout underway. The stock just blasted through two previous pivot highs (one from early October 2020 and another from early December 2020) at $125.25. This setups up for further upside into year end and early 2021. The first upside target is $131.35 with a second target of $137.85.
The reason for the breakout is money rotation. Stocks like AirBNB (ABNB), DoorDash (DASH), Snowflake (SNOW) and Tesla Inc (TSLA) are starting to lose their momentum and investors are exiting these high risk momentum names. They are searching for a safe haven to stash cash. Apple is just that, a safe haven. As money runs from these crazy valuation stocks, expect to see Apple grind higher towards those two targets.
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Apple stock chart breakout seen below…