Apple could see a bounce back, the price has made a lower low but the RSI hasn’t.
Apple’ stock is trading below its downward trend line (shown in orange) on a daily frame. This confirms that the downtrend is in play. The further confirmation of this argument comes from the fact that the price is trading below the 50,100 and 200 day moving averages (shown in pink, green and yellow colours).
Having said this, the price is close enough to its important support zone (shown by green horizontal line). The last time the price touched this level was back in June 2018.
The Relative strength index is trading near it’s oversold zone and it is producing an important bull signal. By looking at the RSI, one can clearly see that while the price has made a lower low, the RSI hasn’t done this and this confirms that the current sell-off may not last long.
The support zone is at $180.47.
The resistance zone is at $210.36.
