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