Apple Inc. (NASDAQ:AAPL) stock is slow to break a five week consolidation cycle as the trend is nearing final support found in 2011
Apple Inc. (NASDAQ:AAPL) stock has been plagued by one of the longer series of consolidation it has experienced, five weeks total as of now. AAPL has been unable to break above a trend seen during the second week of March which was more volatile than normal for the company. Seemingly unable to find any point of support, AAPL has fallen beneath support of the $330 dollar mark today reaching an intraday low of $329.14 at 9:46 A.M. Eastern.
AAPL has a final point of support for 2011 remaining, the $326 price level, otherwise 2011 will have been a complete loss for shareholders of the company who have opened a long position sometime throughout 2011 and held onto it. There is no technical strength left to be found for the company on the daily chart, and there are no hints of positive divergence in correlation to current share price which may foretell a pending shift to the upside (you are invited to comment if you know of any.) Even more unfortunate, the weekly and monthly chart show no positive indication neither with the only notable being support at a sub-300 dollar mark at $297 per share should Monday’s data not be of a positive nature rendering technical factors irrelevant as fundamentals will likely override.
Apple Inc. (AAPL) designs, manufactures and markets a range of personal computers, mobile communication and media devices, and portable digital music players. The company also sells a variety of related software, services, peripherals, networking solutions, and third-party digital content and applications. The company has a market value of $304,196,782,820 at the time of writing, with 921,278,000 shares outstanding.