After hanging around and pinning to 700 with last Friday’s OpEx, Apple
(NASDAQ:AAPL) has dropped roughly 4% in two days. The bulls are in dip-buying mode and trying to game the opportunity,
while bears are looking for ways to take out support levels.
In an effort to better understand the near term technical picture for Apple’s stock, I took a look at both the daily bar chart and the hourly; the daily bar chart highlights the move from the bottom in May, and the hourly bar chart highlights the move from the late July pivot low.
It’s notable that the hourly bar chart is quite oversold sporting a sub-30 RSI (22). This seems to be indicating that a bounce is likely in the next day or two. Although gap fill support around 670 cannot be ruled out, stronger support comes into play as price nears 660. And this could be a battleground area.
Trade safe, trade disciplined.
Editor's Note: Andrew Nyquist is an independent investor based in the Minneapolis area. This article originally appeared on his investing and economics site, See It Market.
No positions in stocks mentioned.
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