by Sam Collins | December 17, 2012 1:03 am
Apple (NASDAQ:AAPL) — Growth has been spectacular with earnings increases of more than 80% in each of the past five years. However, sales growth is expected to fall to 25% for FY 2013 compared with a 45% rise in FY 2012 (ended in September), and there is an estimate of only 15% for FY 2014.
The stock had a spectacular run in 2012, up more than 70%, to a high of over $700 from $405 at the beginning of the year. Now at $510, Apple has failed to hold above its major support line at $570 for the second time, and the MACD indicator has turned down triggering a long-term sell signal following the death cross on Dec. 6.
Friday’s downside breakaway gap adds a new leg to the downtrend. Our prior downside target was $500, but is now adjusted down to $450.
Source URL: http://investorplace.com/2012/12/trade-of-the-day-apple-nasdaq-aapl-10/
Short URL: http://invstplc.com/1foojPq
Copyright ©2015 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.