Apple Inc. (NASDAQ:AAPL) shares are trading lower Tuesday falling back toward a potential area of support that once held as resistance.
Apple held an event today where the new iPhone 13 in all of its versions were unveiled. The stock closed down 0.92% at $148.12.
Apple Daily Chart Analysis
- The stock looks to have broken out of what technical traders call an ascending triangle pattern and looks to be falling back toward an area where it once found resistance. It could test this area as support.
- The $140 price level held as resistance in the ascending triangle before the breakout. After breaking out, the stock made a run and is now looking to find support near the $140 level.
- The stock trades above both the 50-day moving average (green) and the 200-day moving average (blue), indicating the stock is likely facing a period of bullish sentiment.
- Each of these moving averages may hold as a potential area of support in the future. The price looks to have possibly bounced off of the 50-day moving average.
- The Relative Strength Index (RSI) was trading sideways above the middle line, but Tuesday fell below it and now the RSI sits at 45. This means there was an increase in the amount of sellers in the stock.
What’s Next For Apple?
Bullish traders are looking to see the stock bounce and continue to form higher lows. Bulls then would like to see the stock climb alongside a higher low trendline and continue to move bullishly.
Bears are looking to see the stock be unable to bounce near the $140 level and for the stock to fall back below the level. Bears would then like to see the stock fall back below the higher low trendline. A higher low trendline break possibly lets the stock see a change in trend.