Potential Entry or Add Price Points as Apple (NASDAQ:AAPL) Launches iPhone 5

By L.A. Little Sep 21, 2012 8:55 am

If you are looking to add Apple to your portfolio or make additions to a core position, consider these charts.

MINYANVILLE ORIGINAL With today’s launch of Apple's (NASDAQ:AAPL) new iPhone 5, I thought it fitting to take a hard look at the charts with the idea of understanding short and long term projections, and within that context, potential entry or add price points. Remember, qualified trend provides trend direction and the probability of trend continuance whereas anchor bars and the resultant zones provide timing.

With that in mind, the current state of Apple’s trend is confirmed bullish on the short term, and suspect bullish on the intermediate and long term time frames. The long term “suspect” qualifier isn’t a concern because Apple retested that area already and regenerated higher. The intermediate term suspect breakout never was tested though and that price point is $641.25. There’s an outside risk Apple could trade back that far.

So what about projections? I typically use ABCD projections which you are probably familiar with except that I qualify them and base them on percentage moves, not price.