Tuesday, 2 October 2012

AAPL - a bounce off the 50 day

Apple (AAPL) battled back to close a touch higher late today. After declines of around $8 earlier, AAPL still managed to close above the important 50day MA of $549


AAPL, daily


Summary

It remains a bit of a messy picture in the near term. The long term trend is still clearly upward. Until we break the lower channel/trend - currently $620, AAPL is still comfortably cruising higher.

If earnings for Q3 come in at least reasonable, a re-challenge of $700 is very likely, and that would be suggestive that the broader market has another good chance of hitting sp'1500 in the next month or two.