I am a big fan of Apple for many years — like the company, the iPod, the Macintosh, and even some of Steve Jobs’ schtick.
But looking objectively at the chart, this is a stock facing some problems: a series of lower lows, possibly pulling back towards the $45ish area.
To avoid this, the stock needs to get back over $60, and in a hurry:
Weekly, 2 years
click for larger chart
Any technician’s care to weigh in?
UPDATE JUNE 30, 2006 8:43AM
This is why it is foolhardy to dismiss techncials as Voodoo. Someone clearly knew there was a problem with Apple, and they were sellers.
The WSJ reported that "Shares of Apple were down $1.27, or 2.15%, to $57.70 in pre-market trading. The home of the iPod revealed last night it had discovered "irregularities" in its stock-option grants between 1997 and 2001, including one to CEO to Steve Jobs. Apple is investigating further. . . "
Category: Technical Analysis
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.