Apple (AAPL) technical preview for November 20, 2014

AAPL retreated from record highs yesterday. This -0,69% day was the biggest loss in a while for the stock, which is indicative of a major bull move, bordering a parabolic move. The short-term trend remains up, though, at least as long as price stays above $112. This level could be used as the exit for long positions. Given the overextended move of the stock price, some further consolidation or correction should be expected. However, I would avoid opening any shorts and respect the ongoing uptrend.

AAPL, daily chart (2 months):

aapl2

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

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