Investing.com - Financial Markets Worldwide

AAPL Breaks Through Support

Published 03/05/2013, 01:16 AM
Updated 07/09/2023, 06:31 AM
AAPL
2.18%

Last week we posted a chart for Apple (AAPL): we noted that the current support levels were weak and baring AAPL getting above 461.41. AAPL was headed lower, since the support at 435 was too weak and had no historical signficance. Last week, AAPL broke through this level and appears to be headed lower towards more defined support.
AAPL - 1
AAPL has some support at 419.70 which is the purple line the weekly chart, but this still isn’t the strongest support level. A more clearly defined support is at 404, then further down at 365. Another potential target is 10% lower, which is the measured move (the high of 483.53 and the low of 434.96) of thelatest chart pattern breakdown; this would put AAPL at 390.00. Ultimately things look bearish for AAPL: we have a death cross, a well established downtrend and continued selling enough to break support. AAPL looks like it will hit 419 and 404 before it hits new highs.
AAPL - 2

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