Apple stock fell 1.1% in midday trading Tuesday, but bounced sharply off a key chart level, which they have stayed above since the response to the COVID-19 pandemic caused lows over a year ago.
The technology behemoth’s stock was down as much as 3.2% at its intraday low of $122.77, which was hit moments after the opening bell. The intraday low was right around the 200-day moving average (200-DMA), which currently extends to $122.81, according to FactSet. Many chart watchers believe the 200-DMA represents a dividing line between longer-term uptrends and downtrends.
The stock has now shed 12.3% since it closed at a record $143.16 on Jan. 26, while the Nasdaq Composite has slipped 1.9% and the Dow Jones Industrial Average has run up 10.7% over the same time.
MacDailyNews Take: Bobbling, wobbling, bouncing… Entropy is the order of the day!