The Apple Stock Rally Can Resume. Look At the Chart.

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The Apple Stock Rally Can Resume. Look At the Chart.
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Apple stock dropped more than 6% over Wednesday and Thursday. Scary, but shares are at support now. That's good for near-term trading.

Apple stock is bouncing back after a couple of rough days. There should be a few more good days coming.

That’s good news. Support are price levels that stocks tend to stabilize at when falling. Apple stock reached support fast, falling 6.4% over Wednesday and Thursday, and wiping out some $190 billion of market value. That money is enough to get the attention of all investors, not just those who follow Apple closely.

What matters to him now is that, on Thursday, Apple closed right at its 26-week moving average. That’s two quarters of price action. Apple stock has rallied four times in 2021 after hitting the same level, he says. Newsletter Sign-up RSI is short for relative strength index and measures how fast a stock is rising or falling. It’s a way traders can look to see if a stock reflects too much good or bad news. A reading of 50 is typical, neither too hot nor too cold. A reading of 70 is too hot, and may be an indication that a stock is due for a pause after a buying frenzy dies down. Apple stock was in the 70 zone a few days ago.

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