- Trading
- Trading
- Markets
- Markets
- Products
- Forex
- Commodities
- Metals
- Indices
- Shares
- Cryptocurrencies
- Treasuries
- ETFs
- Accounts
- Accounts
- Compare our accounts
- Our spreads
- Funding & withdrawals
- Open account
- Try free demo
- Platforms & tools
- Platforms & tools
- Platforms
- Platforms
- Platforms overview
- MetaTrader 4
- MetaTrader 5
- Mobile trading platforms
- Premium trading tools
- Premium trading tools
- Tools overview
- VPS
- Genesis
- Education
- Education
- Resources
- Resources
- News & analysis
- Education hub
- Economic calendar
- Earnings announcements
- Help & support
- Help & support
- About
- About
- About GO Markets.
- Our awards
- Sponsorships
- Client support
- Client support
- Contact us
- FAQs
- Quick support
- Holiday trading hours
- Fraud and scam awareness
- Legal documents
- Trading
- Trading
- Markets
- Markets
- Products
- Forex
- Commodities
- Metals
- Indices
- Shares
- Cryptocurrencies
- Treasuries
- ETFs
- Accounts
- Accounts
- Compare our accounts
- Our spreads
- Funding & withdrawals
- Open account
- Try free demo
- Platforms & tools
- Platforms & tools
- Platforms
- Platforms
- Platforms overview
- MetaTrader 4
- MetaTrader 5
- Mobile trading platforms
- Premium trading tools
- Premium trading tools
- Tools overview
- VPS
- Genesis
- Education
- Education
- Resources
- Resources
- News & analysis
- Education hub
- Economic calendar
- Earnings announcements
- Help & support
- Help & support
- About
- About
- About GO Markets.
- Our awards
- Sponsorships
- Client support
- Client support
- Contact us
- FAQs
- Quick support
- Holiday trading hours
- Fraud and scam awareness
- Legal documents
- Home
- News & Analysis
- Shares and Indices
- $APPL: Apple finds key support after August sell-off.
- Home
- News & Analysis
- Shares and Indices
- $APPL: Apple finds key support after August sell-off.
News & AnalysisNews & AnalysisApple has had a spectacular start to 2023, locking in 7 consecutive positive months and putting in an
increase of 52.16% year to date at its peak.However, August so far isn’t looking as healthy. Despite the positive financial performance beating Q3
earnings expectations, Apple shares are down 8.48% for the start of August. Profit taking after 7 green
months may be a factor in the recent decline, so the coming days will be key to see if this is a short-term
fall or the beginning of a longer-term downtrend.From a technical perspective, price has fallen through an upward trend line that begun at the start of
2023. Price appears to have landed at a key support & resistance level around $177-179. This temporary
bounce also lines up almost exactly at the 2022 yearly open price of $177.83, which adds more strength
to this support level.Holding this support level is critical for the price, as a failure to do so could potentially lead to further
declines, with the next support level likely around $155-157. Additionally, the Relative Strength Index
(RSI) on the daily chart recently touched an oversold level of 30, followed by a slight bounce. Traders will
be watching to see if the two factors of RSI oversold and price at a key support level will be enough to
stall the recent decline and potentially be a pivoting point to send price back north.Ready to start trading?
Disclaimer: Articles are from GO Markets analysts and contributors and are based on their independent analysis or personal experiences. Views, opinions or trading styles expressed are their own, and should not be taken as either representative of or shared by GO Markets. Advice, if any, is of a ‘general’ nature and not based on your personal objectives, financial situation or needs. Consider how appropriate the advice, if any, is to your objectives, financial situation and needs, before acting on the advice.
Next Article
FX analysis – markets turn risk-off on weak Chinese data, Moody’s downgrade – USD bid, AUD sinks
Global markets were buffeted by a risk-off catalysts in Tuesdays session. Weak Chinese trade data, hawkish Fed-speak and a Moody’s downgrade of US regional banks saw stocks and yields tumble FX Markets USD was firmer Tuesday in a session that was firmly risk-off following the Chinese trade data and Moody’s downgrade. Later in the session ...
August 9, 2023Read More >Previous Article
Non-Farm Payrolls Preview – Charts to watch – DXY – US10Y
Todays NFP figure out of the USA is shaping up to be a pivotal moment in market expectations as to whether we’ve seen peak rates from The Federal Re...
August 4, 2023Read More >Please share your location to continue.
Check our help guide for more info.