Apple Inc. (NASDAQ:AAPL) is trading at $427.58, -4.14 (-0.96%). This is again happening on a day when the markets are up and the S&P 500 has hit a new multi year high. So what does this mean?
Apple continues to show relative weakness. This tells us if the markets ever drop, Apple will take a beating. The one saving grace for Apple is the $419.00 level. This level is holding from a week ago and represents a major gap fill on the daily chart. As a technical level, as long as that level holds, the stock has some chance of moving higher and bouncing. However, any break of that level, this stock will take another beating until it is below $400.00.
Lastly, if Apple is able to break out of the current range, taking out $436.00, it will technically be free to run up to $455.00 then $485.00.