NEW YORK ( TheStreet) -- Among the mojo stocks on which I focus, the leadership has shifted back to Apple (AAPL), after billionaire Carl Icahn recently disclosed a $1.5 billion stake in the company. It appears that Icahn wants Apple to borrow cash to accelerate a share repurchase program. The stock popped above its 200-day simple moving average at $470.44 on Tuesday and then tested $504.25 on Wednesday vs. my annual risky level at $510.64.
Back on September 21, last year, we learned that Apple trees do not grow to the sky following an all-time high at $705.07. This year, Apple shares continued to slide all the way to below $400 in April and again in June.
Back on March 14, I wrote, Apple Wins the Search for Value, with the stock trading at $428.35. The stock had a buy rating, according to ValuEngine, and was 23.9% undervalued. The weekly chart profile was extremely oversold. This defines a value stock, by my methodology.
At the time of this writing, Apple had tested and held my annual pivot at $421.05, with a semiannual risky level at $470.21 and my annual risky level at $510.64.
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