AAPL - short term bounce

Whilst the broader market closed significantly higher, there was particular strength in Apple (AAPL), which settled +3.7% @ $93.88. Next resistance are the $97s... with powerful resistance around $103. The low $70s look a very valid target for the summer.


AAPL, daily

AAPL, monthly

Summary

Nothing falls in a straight line... and AAPL is not surprisingly seeing its first decent up day since late March.

Broadly though.. the stock is continuing to build a series of lower highs... and lower lows.

The fact AAPL has already taken out the Aug'2015 low of $92.00 is testament to the fact the stock is technically broken.

A return to the $80s looks an easy target by end May/early June, and even if the main market only cools to the low sp'1900s in June/July, AAPL will be highly vulnerable to the $70s, not least after Q2 earnings in July.