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Apple (AAPL) Technical Review: Still Bullish, Not Bearish

  • Written by Syndicated Publisher No Comments Comments
    September 13, 2013

    The decision by Apple (AAPL)  this week to launch budget versions of the iPhone was not well received by the market, sending its shares sharply lower and wiping more than $30bn off the value of the company.

    For many investors, this week was seen as a significant disappointment and several analysts did in fact downgrade their view of Apple Inc. (AAPL) to neutral (OMG!).  Making things worse was the expectation that Apple was poised for solid market share gains in both China and other emerging markets – something that did not materialize for now.

    Subsequently, Apple shares have fallen nearly 10% from above $500 down toward the $450 level during the course of the week.

    So what does this all mean for the Apple stock price which has taken a battering from it’s all time highs above $700 back in 2012?.

    In this weeks free video log I review the technical picture for Apple and what it reveals in our view is that whilst the longer-term Apple’s stock price appears to have turned down, that the intermediate-term trend picture was actually  largely uneffected by this weeks events.  In fact, acccording to our trend analytics models Apple stock remains broadly bullish from a trend technical perspective with the possibility that the rally that started in the middle of this year may still have several months to run into solidly higher levels before a more important top begins to form.

    Enjoy the video!.

    [youtube]http://youtu.be/Zj5-CnI_mmQ[/youtube]

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    Paul Thomason

    Editor, Elliott Wave Market Service

    Images: via Flickr (licence attribution)
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