Monday, 19 November 2012

AAPL - bouncing back to the low 600s

Apple (AAPL) confirmed the turn on Friday, and closed 7% higher @ $565. Target zone is 590/610 within the next 3-5 trading days.

AAPL, daily

AAPL, monthly


With the main indexes rising around 2%, AAPL soared, partly a classic short-squeeze, but no doubt a lot of people chasing the market higher on hopes of..Santa..or should that be 'fiscal cliff resolution' ?

Seriously though, this sort of  major bounce is to be expected. It won't last, and I expect AAPL to break <500 in the next wave lower, which could begin as early as next week.