Wednesday, 26 June 2013

AAPL - unable to hold the $400s

Whilst the main market closed around 1% higher, AAPL was particularly weak, closing -$4.61 @ $398. The failure to close in the $400s will doubtless increase the downward pressure across the next few days. Next key support is the April'19th low of $382.

AAPL, daily


A particularly lousy daily close for AAPL.

A test of the recent low now seems a given, and the only issue is whether it will hold.

If my main market outlook is correct, with sp' hitting 1530s, that will surely equate to AAPL in the low 380s, if not 370s, even the 350s (briefly).

I do expect sp'1500s to hold, with some significant rally into late July/early August. Even if AAPL breaks a new low, it'll surely break back into the mid 400s within 4-6 weeks.

Relative to the main market, it remains a bizarrely under-valued company, although clearly, its probably 'passed its prime'.