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Will Apple Be Next to Hit All-Time Highs?

While Apple has been trading quite well lately, it hasn't hit new highs like most its mega-cap tech peers. Can it join the party too?

Despite the bumpy trading session on Wednesday, Apple  (AAPL) - Get Report stock was up about 1.4% on the day.

The stock is hitting its highest level since January, when it made an all-time high at $145.09.

On Tuesday, Amazon  (AMZN) - Get Report made a strong push to all-time highs and with the strength in Apple both stocks helped give a boost to the Nasdaq.

With a high of $144.50 on Wednesday, Apple is trying to join the club with new highs. A strong profit forecast from Samsung is giving Apple a boost, although not that it’s needed.

We already know that the company is firing on all cylinders based on its last two quarterly reports.

However, this stock has been a notable laggard vs. other mega-cap tech stocks. Amazon was too, before it burst to new highs. Is it time for Apple to finally join the party?

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Trading Apple

Daily chart of Apple stock.

Daily chart of Apple stock.

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This one has been on seemingly everyone’s radar. I mean, it’s Apple after all.

Almost a month ago I highlighted the stock’s powerful move over $128 and the 50-day moving average. Now up about 12% from that mark, it’s got bulls drooling over a potential move to all-time highs.

To get there, Apple will need to clear $144.30, then push up over $145. Shares have already burst through the $137 to $138 resistance area, which has kept Apple in check since September, save for that short-lived burst to new highs in January.

But let’s not be blind to the recent run either.

While shares have been consolidating for nearly a year, the stock is working on its seventh straight daily gain and sixth straight weekly gain, while the indices are at or near all-time highs with the Federal Reserve minutes due up later.

In reality, a dip back down to the $138 area and the 10-day moving average would be incredibly healthy. It could set up Apple for an even stronger push to and hopefully through its current highs.

While it can still make that push now - and would put $150 in play - it’s already been on a strong run.

If the 10-day and $137 to $138 area fails as support, the 21-day moving average will be in play.