Apple ( AAPL) has had a less impressive run in 2013. Shares of the tech behemoth are down around 6% since the calendar flipped over to January -- not horrific performance unless you consider the fact that the S&P 500 has gained more than 18% over that period. Ouch.
But Apple's bear run looks like it's nearing an end thanks to a multi-month breakout above the $460 level. Apple is breaking out of a double bottom pattern, a setup formed by two swing lows that take place at approximately the same price level. In AAPL's case, those swing lows bottomed out in late April and late June, and this week's breakout signals a buy.Momentum adds some extra confirmation to upside in AAPL: 14-day RSI has been in an well-defined uptrend since the stock's second bottom back in June. Since momentum is a leading indicator of price, that's a good sign for Apple bulls. If you decide to jump in here, just keep a protective stop in place.
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