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Apple an ‘Epic Bounce Candidate’: Worth

Monday, 28 Jan 2013 | 5:28 PM ET
Apple Stock 'Epic Bounce Candidate': Worth
Chart technicals show that shares of Apple could be due for big gains, Carter Worth says.

It might be time to sell stocks and buy Apple, technical analyst Carter Worth said Monday on CNBC.

"The volume in the case of Apple is almost 10 percent of the float that's turned over in the last two, three days," he added. "That's typically cathartic. It's the opposite of what's going on in the market."

On "Fast Money," Worth looked at the parabolic move the stock has had over the past year, from $425 to the $700 level and back down to $425.

"At this point, it's an epic bounce candidate," he said.

Worth said that the level of activity in the trade was notable.

(Read More: Apple 'A Broken Company': Jeff Gundlach)

"Tactically, something can be overbought, oversold. And it's not so much about oscillators as it is about the crescendo and volume and the sheer magnitude of decline in terms of its persistence. You're talking about unrelenting, four months down, 38 percent," he said.

"Here's the best part: You've retraced. There was a gap exactly a year ago from $425 to $450 on a good news report, and essentially we've round-tripped the entire thing. So all the euphoria's been expunged."

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