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AAPL Price Targets & Support Levels

Each white line (horizontal & uptrends) are support levels & potential downside targets for AAPL (as well as the red 200ema). Unless AAPL can regain the first minor uptrend line which it has broken below today, the odds favor a move down to the next support level(s) which come in around 120.40-122ish.

AAPL daily April 30th

AAPL daily April 30th

 

I've highlighted the only other instances of divergent highs over the last two years (other than the current one), both of which resulted in substantial corrections (~13.5% & ~8.25%). As of today's lows, AAPL has only fallen about 6.5% from it's all-high printed on Tuesday. The fact that Tuesday's new high also helped print the aforementioned bearish reversal candlestick, which has now been validated via follow-thru to the downside both yesterday & today, my take is that this correction will most likely match or exceed those prior corrections that followed the other divergent highs.

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Apr 30, 2015 11:59am|Categories: Equity Market Analysis|Tags: |Comments Off on AAPL Price Targets & Support Levels