Apple shares are set to remain mired in a downtrend; this according to the latest technical analysis conducted on the AAPL stock by Trading Central.

Analysts say the downside is set to prevail as long as 473 remains as a ceiling.

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Trading Central say they prefer short "positions below 473 with targets at 435 & 427 in extension."

However, a break above 473 could see further gains to upside 483 and 497.

Also in a bearish trend is Intel Corp, however some short term relief is possible. Trading Central say that while the technical configuration for INTC is largely negative a bounce is possible: "as long as 20.1 is not broken down, we favour an upmove with 23.19 and then 23.85 as next targets," says Trading Central.

However, below 20.1, the risk is for a drop towards 19.15 and 17.9.

FTSE 100 over-extended at current levels; declines possible

The UK's leading bourse is in the red this morning as some traders indicate they were now looking to lock in profits on equities; expectations exist that the rally may falter towards the end of this quarter before picking up later in the year.

"The market seems overextended at these levels. I'd prefer to take profits on the rally than buy on the dip," said EGR Broking managing director Steven Mayne.

Central Markets chief strategist Richard Perry said he would look to buy equities "on the dip" on days when the market fell, but only in small amounts.

"We're buying the corrections in small sizes but I wouldn't recommend chasing the market higher at these level in big sizes," he said.

Vodafone weighs

Vodafone declined by 1.7 pct to take the most points off the FTSE 100 after Citi downgraded its recommendation on the stock to "neutral" from "buy".

Citi wrote in a research note that there was a risk that Vodafone may look to buy up businesses to address some shortcomings in its business offering, and added the company faced pressure on its revenues in Europe.

Elsewhere: Letting agents to come under heat over fees

As MPs carry out an inquiry into the private rented sector, councils say "extortionate fees" charged by some letting agents are making it harder for people to find a home.

The Local Government Association (LGA) will raise the issue, alongside concerns about "rogue" landlords, at a meeting today of the communities and local government select committee, which is carrying out an inquiry into the private rented sector.

It says letting fees in some areas are so high that young people on low incomes may find it more difficult to rent a property.

Tony Newman, from the LGA, will be giving evidence to the select committee.

He said: "With the housing market stagnant and a shortage of mortgages available to help first-time buyers, people are increasingly turning to the private rented sector to find a home

Tags: Apple Inc. (NASDAQ:AAPL) - Intel Corporation (NASDAQ:INTC)