Apple shares fell 2.2% on Wednesday, marking their biggest drop in two-and-a-half years and bucking a broader rally for tech stocks. The decline is attributed to concerns over the delayed rollout of Siri AI features, which analysts believe could impact iPhone sales. Tariffs imposed by the Trump administration are also weighing on sentiment, with growing fears that import duties could eat into the company’s gross margins.
The stock has broken below a symmetrical triangle and its 200-day moving average, indicating selling conviction from larger market participants. Above-average volume has accompanied the move, suggesting that investors are confident in their bearish view. However, the relative strength index (RSI) shows that the stock is near oversold territory, presenting attractive trading opportunities.
Key support levels to watch include $219 and $207, with the latter potentially attracting buying interest from last year’s June pullback low. A more significant drop could bring lower support at $197 into play, which aligns with a measured move price target. Conversely, overhead areas to monitor sit around $237 and $247, where resistance from the symmetrical triangle’s trendlines and peaks may deter buying pressure.
Investors should be cautious of these levels as they represent potential points for selling pressure or buying interest. As always, technical analysis can provide valuable insights into market movements, but it is essential to consider fundamental factors when making investment decisions.
Source: https://www.investopedia.com/watch-these-apple-stock-price-levels-as-sell-off-continues-aapl-11695277