That does not mean the stock cannot move higher though! All the technicals I use to measure the movement of the stock argue that the action is still moving upward. The two measures I use for trend (shown on the box at the bottom of the chart) point to a higher stock price. The one fly in the ointment though is the loss in momentum of the stop trend model which if it break down through the 1.00 level, we could start to see a long consolidation for the stock - this does not mean a breakdown though! I do know that many traders are just waiting for the glow to fall off this stock and most defenders of this company continue to do so even as the stock underperformed the markets in the spring. I myself remain skeptical but one has to agree with one's methods and those methods argue the stock is moving higher.
Interestingly if you treat Apple like I treat the S&P (including cash), the stock is probably worth around $330. Now on the chart, if you extrapolate the range from the circle (looks like a triangle overall), you get an approximate target of $320 or roughly another 20% from current levels. Color me bullish on Apple and its products. This stock probably has more upside but at $320, one should consider taking some profits.
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