Thursday, July 2, 2009
Apple [AAPL] Rolling Over???
Apple is putting in a Bearish Diverfence pattern. The tech leader is losing its momentum...figures with Steve Jobs back the rally since he took his leave is over. I see most of the major indexes rolling over in July. My downside target for AAPL is the June low around $135, which correlated to the 19.1% fibonacci retracement level, the 4 month trendline, & the 50 day moving average. I highlighted other support levels, which are possible...probable...I don't believe so. Not with the tech sector being the leader and Apple the best situated company with $15 in cash and no debt...it released its 3Gs phone durning the next reportable report and it is also ramping up for the back-to-school/holiday sales in the 2nd half of 2009 and strong Apps store sales. If you own AAPL here, consider writing OTM covered calls or some collars. Buy or add on the retracement.
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