Apple Inc. (NASDAQ:AAPL) Stocks have been rising from their late January lows; They were last up 0.6% to trade at $271.69 and are heading for a third consecutive breakout with the help of iPhone sales record. The Big Tech giant broke out of a trend line with historically bullish implications last session, and with that breakout consolidating today, it could soon return to its Dec. 3 all-time high of $288.62.
The trend line in question is the stock’s 50-day moving average. According to Rocky White, senior quantitative analyst at Schaeffer, this “crossover” event has occurred 16 times over the past three years, after which Apple shares rose a month later 75% of the time, with an average increase of 3.3%. From its current position, a similar move would send the stock back above $280.
Short-term options traders remain firmly bullish on AAPL. This is due to Schaeffer’s Sell and Sell Open Interest Index (SOIR), which ranks in the 4th percentile of its annual range.
When weighing the stock’s next moves, options look like an attractive route. Options traders are pricing in expectations of low volatility, based on its 2% Schaeffer Volatility Index (SVI), which ranks in the low 8th percentile of trailing 12-month readings.