Apple's Stock Will Bounce Back
The chart shows the stocks has found support at an uptrend that traces its origins back to June of 2016. That uptrend is of critical importance, and if that trend should be broken then Apple could face even further declines. But the surge in volume to well above the 90-day moving suggests that there is a robust level of support for the stock at that uptrend.
Additionally, the chart shows how the relative strength index (RSI) reached oversold levels on the daily chart at a reading in the low 20s, a reading below 30 is considered oversold. But more importantly is that the last time Apple's stock was this oversold was in April of 2016 when the stock was trading at a price in the low 90s. The chart also shows that the stock has only hit these levels on a few occasions in recent years.
Apple's stock has been on a roller coaster ride over the past few weeks, but that could be about to change if the technicals and fundamentals have anything to say about it.
Additionally, the chart shows how the relative strength index (RSI) reached oversold levels on the daily chart at a reading in the low 20s, a reading below 30 is considered oversold. But more importantly is that the last time Apple's stock was this oversold was in April of 2016 when the stock was trading at a price in the low 90s. The chart also shows that the stock has only hit these levels on a few occasions in recent years.
Apple's stock has been on a roller coaster ride over the past few weeks, but that could be about to change if the technicals and fundamentals have anything to say about it.
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