Apple Still Has More Room To Move Higher, Perhaps Even This Week

Rachel Shasha was recently a guest on #PreMarket Prep, a daily trading idea radio show hosted by Joel Elconin and Dennis Dick.

• In the past five trading sessions, Apple Inc. (NASDAQ: AAPL) has gained 6.4 percent.
• Sassy Options Founder Rachel Shasha said that she believes the company has room to move higher, "maybe even this week."
• Shasha suggested that the stock trading below $100 during the August 24 flash crash was a level that will not be seen any time soon.

Despite being the largest company in the world, options trader Rachel Shasha suggested that Apple stock is going to "do well," particularly in the long term. In the near term, Shasha was less committal.

But looking at this earnings season, Shasha forecasted that the stock will perform. Bringing that timeline forward, she added that the stock "does have room to go – maybe even this week."

However, the stock may see resistance at $120 on any price gains. Shasha said that Apple's open interest, which is the number of options contracts outstanding, suggests that the stock may pin itself between $115 and $120 for a while.

In August, the stock saw a high around $120, suggesting that it may see resistance there as well. Since the stock fell below its 200-day moving average, at $123.85, it has not recovered.