Apple (AAPL) Outlook For October 20, 2014

On Friday AAPL rebounded from its two-month low, but the daily trend remains negative as long as price trades below $99. Except from Friday’s prompt reaction, it is positive that AAPL came back inside the 98-103 range that prevailed since mid-August. Given the stock’s relative strength opposite the rest of the market, I still favor AAPL as a long and stick with my scenario of new price records before year-end.

AAPL, daily chart(3 months):

aapl20141020

Chart courtesy of StockCharts.com. http://stockcharts.com

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