AAPL finished the day at new record highs. This parabolic move has been going on without any significant consolidation phase during the last month. The short-term trend remains clearly up as long as price stays above $111. This level could be used as the exit for speculative long positions. The market is significantly overextended here as the 50-day moving average is roughly 10% lower, making a sudden downmove more likely. We have to respect the current trend though and avoid opening any shorts.
AAPL, daily chart (2 months):
Chart courtesy of StockCharts.com. http://stockcharts.com
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