The last weeks trading saw a death cross formation for Apple Inc. A death cross formation is triggered when the 50 period daily moving average crosses underneath the 200 day moving average. So far, the 170 level has provided a temporary support, however the current technical outlook suggests that further downside for this stock is on the cards.
The Fibonacci downside projection target based on the recent 197.78 to 181.11 range traded since mid December 2023 points to 164.04 (100% downside projection) and therafter 153.49 (161.8% downside projection). The 14 day relative strength index is at 35% which underlines the bearish trend. The 200 day moving average ($183.83) has just turned negative for the first time since September 2022 when the price at that time dropped from $161 to $124. The current technical development might well be a wakeup call for all those FOMOS out there.
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