The Apple stock price tumbled below the rising trend line, which has been standing since February 9, achieving a new four-month low of 185.83. The price has lost momentum aggressively over the last couple of days as it dropped below the 200-day simple moving average (SMA), while the technical indicators are endorsing the recent view. The RSI is approaching the oversold zone and the MACD is strengthening its negative momentum below the trigger line.
Further declines could find immediate support at the 61.8% Fibonacci retracement level of the up-leg from 149.89 to 233.50, around 181.87. If the latter fails to halt bearish movements, the next target could be slightly below at 180.55. Moving significantly lower, there is no major support level until the 160.50 level, taken from the low on April 27.
On the upside, in case of a climb above the rising trend line, immediate resistance is coming from the 50.0% Fibonacci and the 200-day SMA, around 191.80 and 193.40 respectively. Moreover, if the price pares the losses of the last three days, it could re-test the 196.00 psychological level, identified by the high on July 26.
Turning to the long-term view, the outlook is in progress to shift to a more neutral one, after the penetration of the nine-month ascending trend line.
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