Last week, I pointed out that “a retest of the 590 level would offer a good risk-reward entry point for traders.” Since that time, Apple (AAPL) dropped as low as 592 and has since bounced higher to retest recent highs and a very important resistance band at 615-620.
If Apple investors are hoping for new highs this summer, they’ll surely want to keep their eyes focused on this band of resistance. A break above this level would open the doors for a retest of the highs. On the flip side, investors should also be watching the uptrend line for risk definition. See chart below.
Apple (AAPL) stock chart with price support and resistance levels and technical analysis as of July 19, 2012. Measured ABC move. AAPL stock with important price levels and targets.
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