Technical Analyst, Saxo Bank
Since then, Apple has been sliding further trading in a falling channel pattern having found some support at around 148.37.
This support is weak however and reports this morning that Apple will cut Iphone production due to slowing demand has given sellers new energy.
Pre-Market Apple is trading approx. 4 % lower and if Apple opens today around that level, it has broken below this minor support. A close today below that level will confirm down trend and selling pressure is likely to accelerate the next couple of weeks. Especially if the share price closes below the lower falling trend line in the channel.
A selling pressure that can push Apple below support 140. However, if more bad news is coming out when we enter earnings season Apple could test the June low around 129.
RSI has been showing negative sentiment since 31st August when the indicator closed below the 40 threshold supporting the bearish picture.
The Share price is below all Simple Moving Averages; 21, 55, 100 and 200 with only the 55 SMA still rising i.e., underlying sentiment is mainly bearish. If Apple shares are to
To reverse this bearish picture a close above 176 is needed. A close above 164.26 will put it on hold.
If Apple closes below 129 it has confirmed medium-term downtrend which could the share price down to the support area around 109-105.
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