Tuesday, 13 August 2013

AAPL - $490s earlier than expected

Whilst the main indexes saw the usual latter day recovery, Apple (AAPL) soared on news that Icahn has picked up an AAPL position. AAPL closed strongly higher, +4.7% @ $489, having peaked in the $494s. Near term trend looks moderately bullish into opex.

AAPL, daily


Well, I thought I was bold with a target of $485/490 by opex, but with the announcement that Icahn is jumping on board, a little bit of hysteria has returned to AAPL

AAPL resistance $500/520

AAPl will find it VERY tough to break and hold the $500s in the days ahead, not least if the main market rolls over into September. There will be strong resistance at the May and November 2012 lows.

*important note...this was the second daily close above the 200 day MA. On any basis, this is not one for the bears to still be holding short.