Apple exposed to negative pressure - Analysis - 29-11-2022

Economies.com
2 months ago

=Apple's stock (AAPL) skidded in the intraday levels after reports of disorder a the main manufacturing center for Apple in Zhengzhou, which could lead to a production deficit of 6 million iPhones according to Bloomberg, with the situation still highly precarious, while the stock fell 2.63%, or 3.89 points, settling at 144.22, with trading volumes surpassing 69.3 million shares, above 10-day average of 65.6 million shares.

 

Technically, the stock is trading alongside the downward short-term trend line, with negative signals from the RSI after reaching overbought levels, surpassing the support of the 50-day SMA and doubling negative pressures. 

 

Therefore we expect more losses for the stock, targeting the pivotal support of 134.60, provided the resistance of 150.40 holds on.

 

Expected trend for today: Bearish

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