Apple closing above $463.58 would signal sustainable rally

Last Friday, we covered a WSJ report that stated:

For traders who follow the century-old Dow Theory of market analysis, a pattern of successive lower peaks and lower troughs is a defining characteristic of a downtrend. To break this pattern, and to get technicians to think a sustainable rally is possible, Apple would need to close above the March 25 closing high [$463.58].

That was four trading days ago, when AAPL closed at $417.20. At the time we remarked, “Less than $50 bucks to go!”

Today, AAPL closed up $6.23, or +1.42%, at $445.52. Since hitting a 52-week low of $385.10 on April 19th, Apple shares have gained $60.42 in the last 10 trading days.

MacDailyNews Take: Less than $20 bucks to go!

Related article:
Apple’s bounce doesn’t impress technical analysts – April 26, 2013


      1. well, you never know. it is temporary boost after buying tons of APPL stock by apple, other rich people. it will be fallen to $400 again. beside people don’t really expect that iphone 5s will be revolutionary. Samsung Galaxy S4 takes over the throne now. I am not talking about US market but world market. honestly iphone still can’t dominate world market. every time when I read some article here, US only data. mac share data is the same as well. of course, I know it has been around 4% for decades worldwide which is pathetic. apple depends on iphone, ipad too much. if these products will decrease sale, apple will face with big huddle because they don’t have any alternative way to keep alive unlikely Samsung.

  1. We need the naysayers. Look what happened when everybody turned positive. It was time to sell. The negativity lets the stock climb a wall of worry, a necessary travail for any ascending stock.

    No naysayers: Sell at $696. Totally naysaysers: Buy back in at $390.

    1. They make this shite up as the go along to fit their spin-of-the-day. It helps analcysts look like they actually do something to earn their fees.

      Now move along little analcysts. FUD Google and Samsung for a change. They actually deserve it. 😛

  2. If reaching some arbitrary number motivates the followers of closed-minded anal retentive analysts to buy on the expectation of a rally, and thereby fuel the rally, that’s okay by me.

    1. What I find funny about this article is that I was just recently reading some analyst claiming that a “Close above 450” was the supposed magic number. Umm…does that now mean that the Goalposts have been moved to $463.58?

      (And how does that additional “dot 58” also not imply false precision?)


  3. For those actually understanding Apple and caring about the company it’s a buy right now. This is just some technical analysis and people doing this are too detached from the companies they buy and sell. They don’t care. It’s about sell and buy signals. Remove the ticker as just analyse trends and probabities. It can be useful but what’s the point any more. For these people it’s more important when you buy than what you buy. That wasn’t really the poit with shares. Anyway. It’s a way to try to scalp what other people are doing. think it’s very short term thinking and a very sad. Nothing has changed… It’s just that a company crosses an inflection point and people are taking advantage of it. Why wait to buy it 463.58… When you can buy it now? All it takes is understanding of the company and a longer term view. I believe in fundamentals so I will buy before this price and let them run it up higher.

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