Apple Inc. (AAPL) has been struggling to make any upward action in 2013. I wrote about a key gap down for APPL back in October that has since pushed the prices lower beyond my targets of $580.00.
GAP REVIEW
On January 15th, 2013, AAPL gapped down below a key support area of $500.00. Since the gap down was not bought up and defended on the gap down day it will be hunting for longer term demand below into $425.00.
KEY LEVEL
If AAPL could bounce a nice supply level to start a short position would be $500.00 – $503.00 if not already short from the gap down. Downside demand target into $442.00 and $429.00.
THE TRADE
Short any bounce into $500.00 to $503.00. Stop $556.00 with a Target of $442.00 and $429.00.
