Apple (AAPL): All Dressed Up But No Place To Go
Apple (AAPL) reports third quarter earnings results after Monday’s close. The stock has recovered from the 2008 crash in a U-shaped pattern that’s brought price back up to the May 2008 high, around 193. Its spent the last two weeks at that level, in a holding pattern ahead of its eagerly awaited results.
Unfortunately, this is perfect spot for the stock to to start an intermediate correction that drops price down to 150 or so. Even a report that blows away expectations might run into major trouble because the all-time high is sitting just 10-points above the 2008 high, near 203.
These twin resistance levels, along with “round number resistance” at 200, mark significant barriers that are unlikely to be mounted until 2010, at the earliest.
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