Apple Stock Price Headed Towards Next Vital Support, Massive Accumulation Needed

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

Apple Company’s earnings were published on October 27, reporting revenue of $90.15 billion in quarter 4, up 8.14%. After the Q3 announcement, NASDAQ:AAPL share price rose 7.56% in a single day. This price bounce failed to sustain higher levels, resulting in a sell-off and a fall in price.

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

Since early November, selling has occurred in Apple stock price, in fact, price declined by 12% so far in this month. Only one bullish candle successfully formed by buyers this month rest of other trading sessions. Now asset value is observing close to October lower levels amid continued price decline. 

Against the USDT pair, In the letter of 29 November, Apple stock price closed at $134 mark, down 3.32%. Price closed at a crucial support level. At this level, buyers reversed trend thrice in the last few days. In upcoming trading sessions, Sellers are aiming to retest the $130 key support level of Apple stock price. Due to sharp selling, market capitalization reached at $ 2.15 Trillion. 

On the daily price scale, the 20 day moving average is remaining above the current price of NASDAQ: AAPL, upcoming resistance level for buyers. RSI drew a double top pattern slipping below the semi-line, in addition, MACD continues outperforming into the negative region. 

Conclusion 

The Apple stock price is trading at critical support level. If buyers fail to hold this level, price may reach the next round level of $130. Furthermore, negativity spreads as RSI is headed towards the oversold zone. 

Support level – $130 and $120

Resistance level – $155 and $175

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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