Monday, 3 August 2015

AAPL - a key break of support

Whilst the main market saw a second day of declines, Apple (AAPL) was particularly weak, settling -2.4% @ $118.40 (intra low 117.52). With the failure to hold the $119s, AAPL looks set to have begun a multi-month decline to first target of $105/100, with secondary target of $90.

AAPL, daily

AAPL, monthly


Suffice to say.. .a clear break of support on the daily chart.

Monthly support is arguably also being fractionally broken, but regardless of whether you agree with that, AAPL is now broken in the short term.

Best guess.. a fair chance of testing the psy' level of $100 by early October, which would probably equate to the sp'500 in the low 1900s.

*to be clear, I am long term bullish about the company, and relative to the broader market, it remains under-valued.