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Technical Analysis – Apple records 6-month lows

Apple 26/11/18 | EconAlerts

Apple stock records 6-month lows shifting outlook to negative.

The Apple stock completed four consecutive red days below the uptrend line, which had been standing since February 9, achieving a new six-month low of 172.12. The technical indicators are endorsing the recent view with the RSI dropping in the oversold zone and the MACD is strengthening its negative momentum below the trigger line.

Further downside pressures could drive the stock even lower towards the 160.50 support level, reached on April 27. Moving significantly lower, there is no major support level until the 149.89 level, taken from the low on February 9.

On the upside, in case of a climb above the 180.55 resistance level, the price could challenge again the uptrend line around 191.00. Moreover, if the price pares the losses of the last four days, it could re-test the 200-day simple moving average (SMA), near 194.00 at the time of writing.

Turning to the long-term view, the outlook turned to a more bearish one, after the penetration of the nine-month ascending trend line.

Apple 26/11/18 | EconAlerts



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Source: XM

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