Apple shares are off 12% over the past month, after hitting a record high of $702.10 on Sept. 19. On Wednesday, Apple shares added $4.28, or 0.7%, to $617.51.
But the shares could fall another 2% to $605, which would put the stock at an inflection point that would determine the dominant trend through the end of the year, according to Asbury Research.
“Apple shares are pretty close to that target, but not quite there,” said John Kosar, director of research at Asbury Research. “The $600-$605 range is a pretty important level. How Apple shares react in that range will be an indication of its next trend.”
More charts and detail on this are available to Asbury Research subscribers via our October 9th report entitled Near Term Peak In AAPL?
Since that report was sent to Asbury subscribers , AAPL has declined by $26 per share or 4% in just about 2 weeks.