The chart suggests it's possible. This uptrend break threatens to put the bears in control of Apple for the first time in almost 2 years. The drop from 134 to 110 has been dramatic - and the stock seems poised to test the 105 point that served at the breakout number when the move higher began.
How to play Apple now.
Do not rush in. Pause. When momentum players move a stock wildly, always do the opposite. Those traders rush in/rush out. So you move deliberately, with calculation. Watch the important 105 number. Will we see that level reached? Will we see that level breached? That's the line in the sand. Below that number - the bears are in control.
If you do not own Apple, buying here isn't a mistake - however, do NOT put the entire allocation of money intended for the stock in one purchase as it could drop more in coming days.
If you want to invest 10k - buy in 2500 chunks.
Short term rating - STRONG BUY
Long term rating - STRONG BUY
*UPDATE* - Re-posting this chart due to huge reversal intraday for Apple. The stock popped from a low near 110 to close over 115 - clearly a sign that there are still bulls in this stock. Will it hold tomorrow? The next few sessions will be key as the 50 DMA is turning south and the 200 DMA is still rising - a collision will occur soon.