AAPL Sitting on Year-Long Support; Next Support 20%-35% Lower

We’ve been bearish on this name since slightly before the iphone 5 announcement and have been far more favorably disposed to GOOG as posts here, here and here suggest.

With today’s decline we view the technical set-up in the stock as being as precarious as it’s been in some time.

AAPL finds itself on year-long support line (1).

Should this support give way its next support levels are at ~$525 (line 2) and ~$425 (line 3), some 20%-35% lower.

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