Apple stock price heading for next vital support, massive buildup needed

  • Apple’s stock price bottomed again in October amid continued price declines.
  • Sellers are targeting a retest of the key $130 support level for Apple (NASDAQ:AAPL) stock price.
  • In the November 29 letter, Apple’s stock price closed at $134, down 3.32%.

Apple Company’s results were released on October 27, reporting fourth-quarter revenue of $90.15 billion, up 8.14%. After the Q3 announcement, the NASDAQ:AAPL stock price rose 7.56% in a single day. This price rebound failed to sustain higher levels, leading to a massive sell-off and price decline.

Since it’s at an all-time high, Apple’s stock price is underperforming and the bears are keeping valuations below the resistance trendline. Similarly, on the daily price chart, the price action forms a high-low pattern. A few days ago, the price of the asset broke through the $155 mark and turned into a resistance zone.

Since early November, the sell-off has been in Apple’s stock price, in fact, the price is down 12% so far this month. Only one bullish candle successfully formed by buyers this month remains from other trading sessions. Now, asset values ​​are seeing near-October lower levels amid continued price declines.

Against the USDT pair, in the November 29 letter, Apple stock price closed at $134, down 3.32%. The price closed at a crucial support level. At this level, buyers have reversed the trend three times in recent days. In the upcoming trading sessions, the sellers aim to retest the key support level of $130 in Apple’s stock price. Due to strong sales, the market capitalization reached $2.15 trillion.

On the daily price scale, the 20-day moving average remains above the current NASDAQ price: AAPL, upcoming resistance level for buyers. RSI has drawn a double top pattern sliding below the half line, furthermore, MACD continues to outperform in the negative region.

Conclusion

Apple stock price is trading at a critical support level. If the buyers fail to hold this level, the price may rise to the next level of $130. Additionally, negativity is spreading as the RSI heads towards the oversold zone.

Support level – $130 and $120

Resistance level – $155 and $175

Disclaimer

The views and opinions expressed by the author, or anyone named in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading crypto assets involves the risk of financial loss.

Steve Anderson
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