Apple Testing Important Support Levels – $AAPL

We couldn’t help but write about the almighty Apple this morning. Apple, arguably is one of the most popular stocks in history which makes it one of the most over-owned stocks in history.  Apple’s stock has spent the last 6 months range-bound. Currently, it is now testing a couple of important support levels. First off, the all-important 200 day moving average. It is early in the morning but we noticed the big boys waking up to defend the stock in and around that level. We suspect they will put in their best efforts to defend. One will also notice the last primary breakout for the stock was at about the $120 level.

We are hearing a few people state that a break below $120 would be a huge negative. For sure, it would negate a good break to the upside but that in itself does not mean the stock will just lie down and croak. Time will tell. For now, Apple remains at the low end of the 6 month trading range.

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