July 28, 2014

AAPL-Short term ‘Sell’ alert on APPLE

Posted on June 10, 2010 by in GLOBAL CHART ANALYSIS

AAPL-Short term ‘Sell’ alert on APPLE


Global Chart Analysis has issued a short term sell alert on apple.

Click here to view entire report with charts
So far Apple is showing an unfavorable market response to their new iPhone launch and it looks like the ipad excitement may have run it’s course over the short term as well.  Apple may  also face an antitrust suit with their advertising approach which could ignite even more profit taking. We should also mention the recent security breach on their new ipads which affected 110,000 ipads. Yes these should all be short term issues for apple and nothing they can’t take care of, but we see these issues taking the upside momentum out of the stock and potentially knocking the stock down as much as 20%.  This profit taking could be fast and aggressive so those shorter term holders should beware.
Click to enlarge chart


 

On the technical sidewe are seeing increasingly aggressive selling in AAPL.  AAPL has now broken multiple support levels including its 21 and 50 day moving averages as well as its bullish wedge. This sell-off has some heavy volume to go along with it so this sell-off is for real.

 

What to look at now: We do see AAPL as short term stretched to the downside, so we forecast a run back up into its 50 day moving average level before finding another wave of sellers which should then force the stock lower. If AAPL is strong enough to retake and hold its 50 day moving average level, we would take it off our ‘Sell’ watch list. If this level can’t be retaken and instead turns into resistance, we will officially move AAPL from our sell watch list and move it to our ‘Sell’ list.

 

Price Target: We see AAPL selling off to the $225-$231 level followed by the $211 level. There is also the potential for AAPL to retest its flash crash lows of $199. This would be close to 20% move lower, where it should finally find plenty of support.

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Thanks,

www.globalchartanalysis.com

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