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