AAPL - primed to break $580

Apple sure got a kick back upwards after earnings, but even that day closed weak with a small black doom-candle - a real warning that the earnings jump would not hold. Indeed, the ramp (minor wave'2 ?) has not held, and we're now around $40 lower in the span of just 7 trading sessions.


AAPL, daily

Key bearish targets

A break under 580, will open up 560, 520, then the huge $500 level. Right now, a move under $500 - even across a few months looks 'difficult'. However, a number of prominent chartists do agree that the 200 day MA - currently $449 (and rising) would be a very natural crash level for AAPL to retrace to. There is also a very prominent gap at the 440 level - so 440/450... that would be the 'doomster' target level for this summer.

Right now, only a break back up the recent high of $644 would make me bullish on AAPL. It remains some 40% undervalued compared to the main market, but..since when did the market take account of 'fair value' these days?