Heading into earnings this week I take a look at Apple and see one thing: The trend. It's been down since the last September and through a few commendable tries to breakout it's since failed. Valuing a stock like this, regardless of what it should be worth, in my opinion, is a hard thing to do. With a name like this there seems to be more of an opinion bias towards it and less of an understanding of the companies products and revenues. So, that being said, sticking to price action and the trend should provide a clear, no-nonsense approach trading this name into earnings.
I've been tracking the stock and trading in and out since those highs and firmly believe this trend continues lower. My target on the week into earnings is $405, maybe lower. Again, I could be wrong and have been many times before, however my money is on the trend continuation lower.
Here are a few charts since I have been looking for this story stock to finally get off this terrible trend leading up to this weeks earnings.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.