Thursday, 28 June 2012

AAPL to reach 480$ or back above 600$?

AAPL has been moving sideways for almost a month, inside the 560$-590$ range. The drop from the April highs is not impulsive, but this doesn't rule out new lows below 522$. The rise AAPL has made from 522$ is not a clear impulsive upward movement and this makes me think that it might be an X wave. This means that another correction lower will follow. The first sign that such a decline is coming, will be the break of the upward gann fan support at 560$ and the break of the lower pitchfork support at 550$. The target of this move will be around 480$ or lower. If AAPL holds 550$ and makes an impulsive break above 590$, bulls would most probably be saved. 

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