AAPL Remains Rangebound - Market Analysis for Nov 14th, 2012

Apple Inc. (AAPL) continues to traverse a contracting range since it hit its low PF print at 534.

Let's notice the series of rising low prints at 538 and at 540 juxtaposed against the series of descending high prints at 554 and 550.

To emerge from the range on the upside, AAPL must print 552 and then 556, which then should trigger upside acceleration above towards a test of the major down trendline from the high print at 704, which cuts across the PF price axis now at 590.

Conversely, if AAPL emerges from the pattern to the downside, it will have to print 538, and then 536, to confirm the breakdown, which will project weakness into the 530-526 next target zone.

The longer the range-trade continues amidst overall equity index weakness, the more likely AAPL will break down from the range into new corrective low territory.

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