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America’s biggest stock has taken a beating this month, but now some key support come into play.
Apple (AAPL) is down 15 percent since the end of October. It started falling after CEO Tim Cook said he would stop disclosing the number of iPhones sold, and kept dropping after a key supplier cut guidance. An army of analysts has responded with downgrades, price target cuts and lowered estimates.
Chart watchers, however, may see reasons to be less bearish as AAPL probes some key levels. As highlighted two weeks ago on Market Action, a trend line has developed along the tech giant’s lows this year. It also had significant consolidation between roughly $184 and $190 last summer. That could make some technicians look for support.
One other pattern to consider is the 200-day moving average, shown in green on the chart below. AAPL bounced at that line in February and April. Will it hold again?
In conclusion, this isn’t a trade recommendation and everyone needs to do their own homework. But a key stock is down big and now some chart watchers may see reasons to think it’s fallen too far, too fast.
Apple (AAPL) chart with potential trend line and support zone.
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