Betting on Apple Shares
It seems that Apple shares may finally be bottoming out, while analysts have noted the recent upward trend in Apple stock, few can agree on its long term significance.
Apple stock has plunged from its $700 peak in September 2012 and not has a reputation as volatile stock.
There was a small climb to $464.84 recently which appears to be the fifth minor rebound since the stock’s peak.
The most recent peak was slightly higher than a peak last month when the stock reached $463.58, which means that Apple may be reversing downtrend and has already found its bottom.
At Paddy Power you can bet on Apple’s share price at the end of the year. There are odds of 7/4 that it will be $400 or less, odds of 11/10 for $401-$500, 5/2 for $501-$600, 5/1 for $601-$700 and 10/1 for over $700.
Analyst Stephen Suttmeier thinks that if Apple holds support at $420 and couples that with a slightly higher peak of $470 to $485 then it would be a good indication that Apple has developed a “bottom pattern.” If Apple doesn’t hold a support level at $420 then it risks dropping into another downward trend.