APPLE eyeing the 1W MA50 support.

Apple (AAPL) hit yesterday the 1D MA50 (blue trend-line) for the first time since November 06, extending the rejection on the Resistance 1 level. A rejection that is in perfect symmetry with the February 03 rejection that also caused a pull-back.

The last call we made on Apple (see chart below) was on November 12 actually signaling a buy after the Falling Wedge break-out, targeting 195.00:


The fundamentals this time are far from ideal, so a greater correction seeks the next technical Support level. That is the 1W MA5 (red trend-line), which is currently sitting at the bottom (Higher Lows trendline) of the multi-month Rising Wedge pattern, and was the level that initiated the strong rally on the October 26 bottom.

As a result we are looking for a downside range within 177.00 - 175.00 and then rebound with a $215.00 target.

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