AAPL made a new intraday high on Friday’s opening before it starts to retreat and close marginally up on the day. Such a minor intraday reversal was not unexpected after the 20% parabolic price move of the last month. The short-term (daily) uptrend remains intact as long as price stays above $114. This level could be used as the exit for long positions. Even though AAPL is clearly overextended here, opening shorts is not recommended as we have to respect the ongoing uptrend. Some price consolidation could be expected for next week, before a new leg up, may up to $120, starts by year-end to lead AAPL to new all-time highs.
AAPL, daily chart (2 months):
Chart courtesy of StockCharts.com. http://stockcharts.com
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