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Nearest Resistance: $550
Nearest Support: $520
Catalyst: Media Event
Apple(AAPL - Get Report) is getting heavy search volume today in anticipation of the firm's media event tomorrow. Investors expect Apple to release a feature-packed third version of the iPad -- a move that could drive revenues for the company's second and third fiscal quarter. Apple is no stranger to attention, especially given the firm's prevalence in institutional portfolios and its status as the most valuable company in the world. But iPad 3 mania could take hold of the headlines this week.
Shares backed off of $550 resistance in the last few trading days, to test support at $520. After the prodigious 31% run shares have made this year, some sideways consolidation above support is a good thing. Traders should be looking to buy if AAPL can push above resistance.
Apple shows up on recent lists of
The 10 Most Popular Hedge Fund Stock Picks and
3 Tech Stocks With More Upside for 2012.
To see these stocks in action, check out the at
Most-Searched Stocks portfolio on Stockpickr.
-- Written by Jonas Elmerraji in Baltimore.