Thursday 30 August 2012

AAPL - failed breakout ?

Apple (AAPL) suffered a moderately weak day, falling $9.70 to around $663, a fall of 1.4%.


AAPL, daily



Summary

First downside target is old resistance of 640/45, that seems viable at any time, even as early as tomorrow - if the Bernanke upsets the market with his hole speech.

Secondary target is the 620/600 zone. It would seem very difficult for AAPL to break below this level in the near term.

AAPL remains very cheap relative to the main market, and it remains very amusing how so many are still fixated about the nominal stock price, rather than the actual price/earnings valution.

A clear near term sell, but long term, the trend remains starkly upward.