Apple's Stock Hits Oversold RSI, Traders Eye Critical Fibonacci Levels: Key Support Levels To Watch
Portfolio Pulse from Piero Cingari
Apple Inc. (AAPL) stock has experienced double-digit declines in August, resulting in a loss of around $400 billion in market capitalization. The stock has hit oversold RSI levels and broken below the average price of the past 100 days. The key support level to watch is $161, which corresponds to the current 200-day moving average and the 50% Fibonacci retracement level. A potential drop to $152.40, marking the 61.8% Fibonacci retracement level, could signal a bear market.
August 18, 2023 | 7:55 pm
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Apple's stock has hit oversold RSI levels and broken below key moving averages. The key support level to watch is $161. A potential drop to $152.40 could signal a bear market.
The article mentions that Apple's stock has hit oversold RSI levels and broken below the average price of the past 100 days. This indicates a bearish sentiment in the market. The key support level to watch is $161, which corresponds to the current 200-day moving average and the 50% Fibonacci retracement level. If the stock price drops below this level, it could signal a bear market.
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