The Master Pivot Point On AAPL Revealed
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Apple Inc. (NASDAQ:AAPL) has started to fall again, trading at $527.06, -15.04 (-2.77%). Many investors and analysts are perplexed, wondering whether it is headed to new 52 week lows, below $500.00 per share. The charts tell the truth and will be explained below.
Note the bottoming tail on November 16th, 2012. That was the low pivot in the second half of 2012 and even though the price was retested and pierced, it never closed below that low. This puts a line in the sand at the low of $505.75. As long as AAPL does not close below this low pivot on the daily chart, it has potential to bounce. We have seen this bounce many times in the last few months and never has the stock closed below it.
Should Apple Inc. close below $505.75, it will fall fast. This would represent a technical breakdown with the next major support being at $470.00 - $475.00. Secondary support and the ultimate low would be $425.00. Both represent buying opportunities. The $470 - $475.00 level would be a near term major bounce while the $425.00 would be a long term hold level for major upside.
Gareth Soloway
InTheMoneyStocks
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