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Bearish Moving Average Cross by Apple (AAPL)

Published on Fri, 08/09/2013 - 11:23
By Adrienne Chilton

Today, shares of Apple (NASDAQ:AAPL) have fallen below their 10-day MA of $458.84 on a volume of 5.2 million shares. This may provide short-term investors a chance for a short position, as such a crossover often suggests lower prices in the near term.

Apple Inc. designs, manufactures, and markets personal computers and related personal computing and mobile communication devices along with a variety of related software, services, peripherals, and networking solutions. The Company sells its products worldwide through its online stores, its retail stores, its direct sales force, third-party wholesalers, and resellers.

Apple share prices have moved between a 52-week high of $705.07 and a 52-week low of $385.10 and are now trading 18% above that low price at $454.85 per share. Over the past week, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has advanced 0.4%.

Apple (NASDAQ:AAPL) has potential upside of 15.9% based on a current price of $454.85 and analysts' consensus price target of $527.27. The stock should hit resistance at its 200-day moving average (MA) of $472.67, as well as support at its 50-day MA of $432.67.

By Adrienne Chilton
achilton@fnno.com