MTD, Apple (AAPL) shares are down -9.5%, and are on track to snap a seven-month winning streak. This follows an all-time high of $198.23 formed in July. At the close last week, the stock ended down -2.3%.
APPL recently tumbled on the back of soft sales of iPhones and other hardware, eventually landing the stock on the doorstep of support at $177.83 on the weekly timeframe. In a market exhibiting a dominant uptrend, this—coupled with neighbouring support at $174.03—is potentially a major floor and may persuade long-term dip buying.
Shorter-term price action on the H1 timeframe also recently crossed paths with a support zone at $176.40-$177.48, which happens to be accompanied by positive divergence out of the Relative Strength Index (RSI). Interestingly, prior to forming the divergence, the RSI touched lows of around 11.00, its lowest value since mid-2017.
Considering weekly support, and given the lack of downside strength at the moment in the short term, H1 support from $176.40-$177.48 could be an area the charts witness a recovery unfold from.
APPL recently tumbled on the back of soft sales of iPhones and other hardware, eventually landing the stock on the doorstep of support at $177.83 on the weekly timeframe. In a market exhibiting a dominant uptrend, this—coupled with neighbouring support at $174.03—is potentially a major floor and may persuade long-term dip buying.
Shorter-term price action on the H1 timeframe also recently crossed paths with a support zone at $176.40-$177.48, which happens to be accompanied by positive divergence out of the Relative Strength Index (RSI). Interestingly, prior to forming the divergence, the RSI touched lows of around 11.00, its lowest value since mid-2017.
Considering weekly support, and given the lack of downside strength at the moment in the short term, H1 support from $176.40-$177.48 could be an area the charts witness a recovery unfold from.