AAPL closed the week on a new record high. The day started once again with an opening gap and closed at the day’s high. All this action is indicative of a very strong market. The short-term trend remains up as long as price stays above $110. The share price is significantly overextended as the 50-day MA is roughly 10% lower. “The sky is the limit” now and any attempt to set any price targets based only on technical analysis tools is in vain.
AAPL, daily chart (2 months):
Chart courtesy of StockCharts.com. http://stockcharts.com
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