Shares of Apple Inc. (NASDAQ:AAPL) stock are falling short of a new high and could use some serious technical support that is currently absent
Shares of Apple Inc. (NASDAQ:AAPL) stock are falling short of a new high on this last day of trading for the week. AAPL enjoyed two days of positive market sentiment but did not take advantage of it nearly as much as other prominent stocks, several of which had gaped up during the market open. Steve Jobs could do shareholders a favor and at least hint at the prospect of releasing a new product because momentum is about as dry as it has been for a little while.
But that is the beauty of Apple’s stock, despite a world-beater balance sheet it is also one of the most emotional-biased publicly listed companies around. With such a great track record of driving revenue sometimes all it takes is the hint of a product release before share value spikes.
Concerning technical figures, AAPL is in serious need of some help on that front. Not only has a negative divergence recently taken hold on MACD, on balance volume shows the direction of buying and selling interest and it is not positive nor beneficial to long positioned traders. Further combined with stoc floating above overbought, bears could almost not have a better perfect storm scenario in their favor.
While today is not over yet, shares of Apple Inc. are roughly five dollars away from where investors would rather them be at.