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Berger: Buying Apple ahead of September event

Steady Trader Serge Berge believes Apple shares were oversold last week, when panic hit global equity markets. He is looking to buy the stock ahead of September 9, when Apple is scheduled to unveil its latest smartphones and other products.

According to Berger, Apple lost about 20% last week and then rallied back more than 20%. But the stock remains down from its April highs, Berger says. He believes there is room left to the upside and limited downside especially if the broader market goes higher after last week's sell-off.

Berger says he will buy at USD 113.20 or higher, with a stop at 109.70 and a target for the trade at 118.50.

01:18 minutes
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