Following up on Tuesday's posting on Apple (AAPL: sentiment, chart, options) , the shares were rejected by overhead resistance in the 145 region. You may remember from Tuesday's post that AAPL was poised to test a long-term trendline that connected the stock's pattern of higher lows. This trendline is currently located in the 145 region. The stock's failure is doubly important today, as it comes despite the fact that BMO Capital boosted its price target on the shares to $160 from $140 per share. The brokerage firm also reiterated its "outperform" rating on AAPL.

Checking in with Zacks.com, 15 of the 19 analysts following AAPL rate it a "buy" or better, leaving plenty of room for potential downgrades should the stock resume its short-term downtrend. Meanwhile, Thomson Financial notes that the average 12-month price target for AAPL rests at $191.17 per share - a 36% premium to the equity's current levels.