Apple Stock Faces Major Test that could Turn ‘Quite Bearish’ after $130 Level
After a nearly 14% drubbing in December, Apple stock now sits at a key technical juncture that has chart watchers eyeing further declines for the tech giant's shares.
After a nearly 14% drubbing in December, Apple stock now sits at a key technical juncture that has chart watchers eyeing further declines for the tech giant's shares.
One of the most important items we’ll be watching over the next week or two will be the action in Apple. The reason that the $130 level is so important is because it’s where the lows from June come in (which was the low for 2022). Therefore, any meaningful break would give the stock a key 'lower-low'…and that would be quite bearish because Apple has already broken below its trend-line from the March 2020 pandemic lows (and below its 200-day moving average).
Apple's stock violated the $130 level on Wednesday, December 28, falling 2% to $127 in afternoon trading as concerns spread about the pace of the economic reopening in China.
If Apple solidly breaks below the $130 level any time soon (either now or after a very-short-term bounce) after already breaking below an important trend-line and an important moving average, then it’s going to be quite bearish for the stock on a technical basis.
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