novvoll12

AAPL $125.21: The recent pullback exposes 12-month rising trendl

NASDAQ:AAPL   APPLE INC
218 0 4
AAPL             has been consolidating over the last 8 weeks under the 133.60 record high (February 23, 2015). With the bearish MACD cross on the weekly chart, there is scope for further downside. A break below the 121.63 low (March 9, 2015) would extend the correction towards the 12-month rising trendline currently at 118.00 which is also near the equality target at 117.28 (113.60-121.63 from 129.25). Below lies the next support level at 114.77 (December 29, 2014 range high) where buyers may step in. Back above 128.57 ( April             13, 2015 high) would suggest basing and allow bulls to resume strength towards 129.25 and possibly 133.60.
Outlook:
Short term: bearish or neutral
Long term: bullish
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