AAPL has been consolidating over the last 8 weeks under the 133.60 record high (February 23, 2015). With the bearish MACD cross on the weekly chart, there is scope for further downside. A break below the 121.63 low (March 9, 2015) would extend the correction towards the 12-month rising trendline currently at 118.00 which is also near the equality target at 117.28 (113.60-121.63 from 129.25). Below lies the next support level at 114.77 (December 29, 2014 range high) where buyers may step in. Back above 128.57 (April 13, 2015 high) would suggest basing and allow bulls to resume strength towards 129.25 and possibly 133.60.
Outlook:
Short term: bearish or neutral
Long term: bullish
Outlook:
Short term: bearish or neutral
Long term: bullish