I’ve gotten a few emails asking me where I see support on Apple (AAPL). Ideally, It would have found support right at the November highs but it sliced right through that area. Now I think the logical area to expect buyers to step up is at the 50-day moving average, which is currently at $87.29. The chart is looking toppy though. The last few days look like an island reversal top to me. But perhaps the Apple faithful will just push the price right back into today’s gap.

Here’s an intraday chart (60 minute bars) showing how close Apple is to giving back all the gains from the moment the iPhone was announced. You can also see how nervous all the folks who bought the stock over the previous 5 ½ days:

It’ll be interesting to see if buyers step up if it gives back all those “iPhone gains”.