Apple Stock analysis november 20 2012 : Apple (NASDAQ:AAPL) led the cavalry higher yesterday, rebounding from heavy selling over the last two months to give the beleaguered market some leadership. Leading stocks, especially in tech, had been breaking down the hardest during this multi-week correction, which is a sign of diminished risk appetite that traders do not like to see. AAPL surged more than 7% yesterday on no news.
The stock is still below all of its moving averages, but as we often see, the 21-day MA is acting like a magnet. There is a gap at around $575 in AAPL that could pose as some short-term resistance if we get there over the next few trading days.
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