Sunday, October 28, 2012

Apple: Anticipated Future Price Action

An article written by Ali Meshkati on his Zenpenny site provides his take on the potential price action for Apple (AAPL) in the coming weeks. He notes:
"10-28-12: The best case scenario with AAPL going forward is a period of sideways chop. Those highs at $700 won't be challenged for some time. The low created on Friday will likely be broken within the next few weeks, following a move up to $630 - $640 to convince the convincible that the iPhone 6 & 7 mean a $1,000 stock price in the near future.

The path that AAPL is likely to take has been revealed in the not to distant past. Check out box A. A high volume reversal that resulted in a gap and eventual failure.

While I don't expect a gap up here, I expect a retrace of a portion of the recent losses that should give AAPL enough new blood to make heads roll in the weeks ahead.

$520 - $550 remain the likely target for a solid buy point."
(click chart to enlarge)
From The Blog of HORAN Capital Advisors
Source: Zenpenny

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