Apple Shows Potential

Blain Reinkensmeyer

Posted on Mon 5th Mar, 2007 09:43:47 AM

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Apple (AAPL) was upgraded this morning by Prudential from overweight to neutral. The stock has opened just now above $86 as a result, up close to 1%. Let’s take a look at the chart:

I think Apple may be a buy the next time the stock climbs above $90 on strong volume. What I find interesting is how the stock has found stability even though the market performed so poorly last week. Now, the stock may very well fall below the support line drawn in the near future, but if Apple does decide to hold up look for it to be a leader in terms of making a move if and when the market makes a turnaround itself.