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- Apple stock price fell more than 20% from its 90-day high.
- Price recovery trapped buyers near $150 this week.
- Yesterday’s gap-down opening led to a sell-off in Apple stock prices.
Apple’s stock price is under extreme selling pressure. In 2022, investors booked their profit thrice and saw a sharp decline. Buyers were assuming that the downtrend was temporary, but now the prices are not showing any significant signs of volatility due to heavy profit-booking.
The Fear and Greed Index is showing extreme fear for the S&P 500. Last night, the United States stock market index fell 2.76%, dragging the prices of America’s biggest stocks down. However, the global market is suffering from weak market sentiment. The impact of this can be seen in the share price of Apple, which has already lost more than 20% of its cost from its 90-day high.
As per the trading view chart, Apple stock price has been underperforming since its August highest top of $176.15. Later on, asset price selling on each rise, which shows the selling on rise strategy existence in the market. Bears found a selling point close to bearish trendline (above the chart), indicating more price decline until the key $130 support level.
At the time of writing, Apple stock price stays at $140 mark along with a 3.67% intraday drop. Now speculators have set a trading range amid $147 and $136 resistance to support. After seeing bearish market sentiments, buyers may attempt to flip the Apple stock price near the next round level of $130-previous swing low. This level will be the last hope of bulls to reverse the bearish trend.
There is no doubt that the bearish trend was observed during the second price pullback close to the fresh 52 weeks high of $182.94 on 04 January 2022. Eventually, trading volume spiked at the weekend and recorded at $94.9 Million.
The RSI indicator is ready to dive into the highly oversold area which has been tested once in the last 10 days. This negative sign indicates an overbought in Apple’s stock price. Besides, the MACD is approaching a 45-day low with a strong bearish histogram.
Conclusion
Weak market sentiment is likely to see a slight selloff in Apple stock price towards the key support level of $130. This profit booking could turn into a bloodbath if buyers fail to keep the Apple stock price above the upcoming support.
Resistance level- $150 and $175
Support level- $130 and $100
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
