Some Levels To Watch In Apple During WWDC

Serge Berger is a weekly guest on #PreMarket Prep, a daily trading idea radio show hosted by Joel Elconin and Dennis Dick.

Serge Berger is the Head Trader & Investment Strategist for The Steady Trader. He has been an active trader since 1998 and discussed Apple Inc. (NASDAQ: AAPL) related strategies ahead of its Worldwide Developer Conference.

Apple's Worldwide Developer Conference is scheduled to take place Monday through Friday and features more than 100 technical sessions, over 1,000 Apple engineers, hands-on labs, and the Apple Design Awards.

"The levels I'm looking at specifically is $133 in the upside and $126 on the downside," Berger started off the conversation. "If we see a daily close below $126, I see shares going to $118. If we get above $133, I see [shares rising to] $140."

Related Link: What To Watch For At Apple's WWDC

Berger said that Apple's "catalyst calendar" is "very thin." As such, if shares of Apple can't move higher during its Developer Conference, he doesn't expect shares to move higher until its next catalyst which happens to be its earnings report that is expected during the bottom half of July.

Berger added that shares of Apple have been stuck in a trading range as of late. This is beneficial for options trader to buy call spreads at the top end of the range at put spreads at the bottom end of the range. On the other hand, the trading pro stated it is "frustrating" for long holders.

Shares of Apple were trading lower by 0.54 percent early Monday afternoon at $127.96.