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.
The takeaway is that short-term, Apple has just about finished this latest leg up. That comes at the time of a product launch, and the first thing one has to wonder is, "Will this be a sell the news event?"
The second point is that the longer term projections both point to the mid $900s as the eventual price target. Given that the weekly and monthly targets are almost identical, if and when Apple gets to that price area I would become much more concerned about trend continuance.
As for timing an entry, on the daily chart, there are three anchored price zones with the highest zone in the mid $680s , then the low $670s and finally down between $651-$656. Of these, the sweet spot looks to be the middle price zone.
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