Further to my previous posts on Apple back in August and a few weeks ago, the apple stock has closed today at -$22 or -3.5%. The stock is rapidly closing in on the support levels noted in the previous post. As you can see from the chart below, the stock tested and retested the neckline and is now trading down to the support levels.
This stock has been in a parabolic move for previous months and has been overdue a correction. To put this correction into context we are currently less than 15% from the highs and still trading above the 200 day moving average, For aapl bulls who are nervously holding here, pullbacks to the 200 daily moving average are normal and indeed healthy. The stock is still in a up trend and it is high probability buyers will come in at the support levels. Disclosure, I have no position in $aapl.
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