CapitalHubs
Long

Apple reversal

BATS:AAPL   APPLE INC
987 11 2
After expected post iPhone5 correction Apple             entered oversold area. According to the technical indicators there is clear buy signal, however one should be cautious around $704 level.
Thank you very much for the update on AAPL. Do you think it can go further up to 800?
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CapitalHubs charttrader
4 years ago
Technically $720 is reachable, $800 if iPhone 5 sales beat expectations.
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timwest PRO
4 years ago
I would add that I see resistance lower. My eye sees all of the days around the 670-675 level that could check any advance. I'll be exiting around that level and can raise my stop from 630 to 640. In other words, if it doesn't lift from this oversold, then it looks like chewing up the "trendline buyers" could be the next event, just to shake out any weak longs. So, that would imply a drop under your rising 6-month trendline from the 525 area across 625 area this month.

I would point out the Oct 28 product announcement coming for the iPad mini. Also, the retina display manufacturing problems are a small dent in the optimism about margins and sales targets, but time will tell. Usually quality wins out over concerns about short term margins, especially in the long run. So, it would make sense to lift until about the 28th, then shake out the longs on a break of the trendline and set-up for a year-end rally of some magnitude as people buy Apple products for the Holidays.

Cheers.

Technical Tim (11:33AM Wed, Oct 17, 2012)
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CapitalHubs timwest
4 years ago
Good points, Tim. I strongly agree that $575 (200 MA) is stronger support, however as you mentioned the upcoming iPad mini is additional support from current level. Keeping in mind that stock tend to rise in pre product release period there is high probability for rise.
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timwest PRO CapitalHubs
4 years ago
We are on the same page. I outlined a rally until product launch, then a retest of the trendline. So, we are seeing it roughly the same. I just see a lower target is all due to the heavy resistance overhead that is lower than your 704 target. It looks like AAPL will be generating some nice technical setups for the upcoming months. I'm looking forward to watching your work and seeing how it meshes with the way that I look at things. Cheers. Tim
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CapitalHubs timwest
4 years ago
Nice to hear that! There are interesting months to come, not only for AAPL.
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CapitalHubs
4 years ago
Update: iPhone shipments number could be a threat for the technical construction: "Apple's iPhone shipment target lowered by BMO" http://www.marketwatch.com/story/apples-iphone-shipment-target-lowered-by-bmo-2012-10-18
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timwest PRO CapitalHubs
4 years ago
Plus, also news out that Apple lost the "look and feel" lawsuit in court to Samsung on an appeal.
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charttrader PRO CapitalHubs
4 years ago
Thank you for the update.
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