AAPL Reaches Our 620-30 Target Zone
by Mike Paulenoff
May 27, 2014 • 12:00 AM EDT
Last Tuesday, May 20, I added AAPL as a long position to our model portfolio in the 605 range, noting on the chart that AAPL has not concluded its major up-leg off the April 15 low at 511.33. I wrote that that the pattern projected "into the 620-30 target zone," which AAPL conveniently matched today, closing at 625.71.
My near-term work is getting increasingly overbought, suggesting that we should be prepared for a peak and a pullback in the hours ahead, perhaps well ahead of of next Monday's WWDC Conference, where Tim Cook could announce a new product or tease consumers with a new product (beside this morning's news that the company will turn the iPhone into a remote control platform), and perhaps well ahead of the June 9th split price date.
In a perfect technical set-up I will be looking to re-enter a long position into weakness into the 605-600 area prior to another up-leg that projects to 645--660 thereafter.
See our daily chart below from May 20, followed by today's updated 4-hour chart.
Mike Paulenoff is the author of MPTrader.com, a real-time diary of his technical analysis & trade alerts on
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