The sell opinion was reiterated on Oct. 26 with a target at $587. We recommended covering shorts on Nov. 7, near $570. But on Dec. 6, we went short again near $529, and continued to recommend shorting on Feb. 28, at $440, and April 25, on a bounce to $436.
Now, however, it is clear that all shorts should be covered in light of a possible saucer forming. A close above the resistance line at $465 would signal that a long-term bottom has finally been established.
Apple is expected to earn $41.04 in fiscal year (FY) 2013, ended in September, and the consensus earnings estimate for FY 2014 is $43.59. The mean price target has been increased to $538 from $500, and those willing to take a longer-term perspective may buy Apple with a stop-loss order at $390, below the April low.
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