Apple's (AAPL) stock price closed above $700 per share for the first time in its history yesterday. While most on Wall Street agree that the fundamentals of the company suggest that its valuation is still considered cheap over the longer term, investors looking to pick up more of the iPhone maker may be looking at a potential pullback after eclipsing the milestone handle.
Greg Troccoli of TheChartLab.com says that Apple is hitting overbought territory. He isn't the only one, as notable Apple bear Jeffrey Gundlach, CEO of DoubleLine Capital, voices a similar opinion. Shares of Apple are currently trading slightly lower than yesterday's close but only briefly dipped below the $700 level.
However, with the positive feedback the company is receiving for the iPhone 5 from both consumers and industry reviews, there's little reason for bulls to doubt the company can continue to push higher. Factor in that Apple also has new major product announcements in the coming months with the iPad Mini and rumors of a possible revamping of its iMac computers line, the company definitely has no shortage of catalysts.
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