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by Darius Anucauskas

A Bit More Downside For Apple Stock?

After hitting its all-time high at 327.84, the Apple stock (NASDAQ: AAPL) took a hit and drifted all the way back to the 200-day EMA and found support near the 256.45 hurdle, marked by the lowest point of December 2019. Although the price may continue drifting a bit further south in the short run, let’s not forget that overall, AAPL is still above its long-term tentative upside support line drawn from the lowest point of January 2019.

A drop below the 200-day EMA and the above-discussed 256.45 hurdle would confirm a forthcoming lower low and increase AAPL’s chances of moving further down. That’s when we will target the 241.21 obstacle, a break of which could set the stage for a move to the 233.21 level, marked by the low of October 16th, 2019. But more declines might get halted, as slightly lower runs the aforementioned upside line, which could provide additional support.

Looking at our oscillators, the RSI and the MACD, we see that both are currently pointing lower, which slightly supports the above-discussed scenario. The RSI is also below 50 and the MACD has recently fallen even lower, while sitting below its zero and trigger lines.

Alternatively, if price gets a boost and moves back above the 290.78 barrier, which is the high of March 6th, this may attract more buyers again. The stock could then get lifted to the current highest point of March, at 303.99, a break of which might open the door to a move back towards the 327.84 level, which is the all-time high.

Apple daily

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