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Shares of Apple Inc (NASDAQ: AAPL) Headed Lower

|Includes:Apple Inc. (AAPL)

February 9, 2010

Shares of Apple Inc (NASDAQ: AAPL) have lost ground since the announcement of their highly anticipated tablet device, the new Apple iPad.

A couple weeks back we wrote; “shares of Apple are not acting right.”

Since we wrote that, share prices have declined almost 10%. There are several other negative indicators to worry about.

Apple shares look like they have had a bearish double top on January 5 and January 19.

Apple shares have broken below a rising trend support line that has held all declines since May 14, 2009.

Apple shares have crossed below their 50-day moving average.

All of these bearish events could add up to nothing more than a normal correction, except that they have occurred right after blow-out earnings and the Apple iPad announcement.

We are looking for declines to reach $151.57 in coming months, and possibly $136.47.

Disclosure: no positions
Stocks: AAPL