Wednesday 27 March 2013

AAPL - backtesting old resistance?

Apple (AAPL) closed just under 2% lower @ $452, and was one of the major depressants in the Nasdaq today. Yet, despite today's decline, AAPL could merely be backtesting the old resistance/channel line. So long as AAPL can hold the 450s by the Thursday close, trend is up.


AAPL, daily


Summary

Suffice to say, AAPL is on the edge, but it is still successfully holding above the key declining resistance from the Sept high.

Underlying MACD (blue bar histogram) cycle is ticking lower, and is certainly on the high side, so this is most definitely not the best of buying levels.

With increasing attention on Blackberry (BBRY), AAPL is going to need to step up a little to keep its huge global customer following intact.

Its going to be a really interesting stock to watch in the coming weeks and into the summer.