Monday, November 05, 2012
Apple Inc. (AAPL) Ambush In Play
AAPL has retraced back to ambush zone of the Fibonacci extension. This support zone should see buyers step in for a bounce. The negative divergence of the RSI to the last higher high suggests caution. At this point, we don't know if AAPL will reach the next target of $770.00, but we have a good idea that it will get a bounce from support. Failure of the ambush zone to hold as support would mean much lower prices going forward.
This morning AAPL announced the sale of 3 million ipad minis since it went on sale last week. The stock is higher in pre-market.