Apple Inc (AAPL)

[ospreyeye]

AAPL Chart.....MA(100) @ 476.09 Support broke on Fri......major support level taken out on heavy vol....

425 was a prior resistance level......checkout Sept., Oct., Dec. of 2011 & Jan. of 2012.....425 was the level AAPL launched from......it should also be the level AAPL finds support......

The pullback has turned MA(100) into the new resistance level.......if MA(100) breaks MA(10) @ 521.59 will be the 2nd level of resistance........

I've got my EYE on MA(200) @ 351.27.......that's the 1st major MA support level.......I could see some churning & consolidation @ the 425 level.....

If pressure persists my bet is MA(200) will be tested........if AAPL can't get back above MA(100) it will eventually test MA(200) support......

That's my target to take a LONG position.......until AAPL finds support it's a Short play........

RSI @ 29.96......hitting 30 Oversold level......Fast Sto @ 2.47......extreme Oversold........MACD is showing the extreme pullback AAPL is experiencing.......

Accum/Dist confirms that investors are hitting the exits & cashing in on what profit they have remaining.......

W/ the 425 support level in sight & the technical indicators pointing to oversold I could see AAPL having a technical bounce next week........

If MA(100) is not broken on a bounce I would set my sites on MA(200)......until then AAPL is a BEAR PARADISE.....$$$