AAPL Apple Daily Chart iCloud Announcement H&S Gaps

AAPL iCloud announcement today and an appearance by Steve Jobs. His last appearance was for the iPad2 release in early March, price closed that day at 352-ish. Note that price has not been able to move above that area ever since. Thus, watch the 352 level in the days ahead following the iCloud announcement. Note the negative divergence spank down in February that was forecasted. An H&S pattern remains in place now, head at 363, neck line at 326, thus 37 difference so the target, if the neck line fails, would be 326-37=289, call it a 280-290 target.

The 20 MA is down thru the 50 MA, bearish. Look at how any gaps above have been filled and there is no reason for price to go higher. The 350 gap can receive further attention over the coming days, and that will foretell another under test for 352, but the gaps above have been addressed and will not provide any pull upwards for price. Now consider the gaps below, 338 and 325 big enough to drive a truck thru, these gaps will need filling as time moves along. The 325 gap will be filled when price collapses thru the H&S neck line, in fact, this confluence area of horizontal support and the gap will act to pull price lower to test these areas.

Projection is sideways to sideways down moving forward; downward channel remains in place since the February top. This information is for educational and entertainment purposes only. Do not trade based on this information. Consult your financial advisor before making any investment decision.