Apple closed at $574.13 on Friday, June 15, 2012, down -1.1% for the week even as the market rallied. AAPL is now up +2.5% since reporting incredible earnings on April 24 and down -9.8% from the all-time closing high of $636.23 on April 9. Apple’s market capitalization continues #1 worldwide at $535 billion, leading #2 Exxon ($387 billion) and #3 Microsoft ($252 billion).
Last week’s WWDC 2012 (Worldwide Developers Conference) unveiled and launched some products which were excellent, but nothing revolutionary or leading edge for the masses (e.g. Apple TV or iPhone 5). Investors reacted with mild disappointment and AAPL was down slightly this past week. Apple did continue above the ascending 20-day average, which has become support (568) and is in a trading range. Important resistance is, and will be an upcoming test, the descending 50-day average (579). Critical support is the 4-24-12 pre-earnings close (560). The previously tested ascending 100-day average is support at 557 and also will be an upcoming test. The ascending 200-day average is further below at 477.
AAPL is underperforming the S&P 500 in June (-0.62% vs. +2.48%) but is outperforming for the year (+41.76% vs. +6.78%). Apple is -9.8% below the April 9 closing high and is therefore technically just above correction territory. This does show a lack of bullish enthusiasm for AAPL but also a lack of decisive bearishness as evidenced by the recent trading range. By comparison, the S&P 500 is -5.4% below its April 2 multi-year closing high and continues above correction territory.
Apple Technicals
Short-Term Trend slightly bullish
Intermediate-Term Trend bearish
Long Term-Trend bullish
Uptrend Line intact, above since 12-23-11
Downtrend Line slightly above, established 6-8-12
RSI 14 Day = 58 is reasonable, ascending
RSI 28 Day = 51 is reasonable, slightly descending
MACD (12,26,9) = +1.43, descending
Volume low 12.0M latest day, 50 day avg = 20.9M, descending
Price Earnings Ratio (ttm) lower 14.00
Apple Fundamentals
Estimated Calendar Q2 2012 Earnings per Share (GAAP)
Yahoo Analysts Estimates: $10.37 avg, $9.10 low, $12.51 high, 39 analysts
Prior Quarter: $12.30
Prior Year: $7.79
Apple Outlook: $8.68
Estimated Calendar Q2 2012 Total Revenues (GAAP)
Yahoo Analysts Estimates: $37.43B avg, $35.06B low, $41.73B high, 38 analysts
Prior Quarter: $39.19B
Prior Year: $28.57B
Apple Outlook: $34.00B
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