Apple’s revenue has stagnated over the past four years, which is why we maintain a non-bullish stance on the stock fundamentally.
Unprecedented Technical Weakness
However, AAPL has now declined for 8 consecutive weeks, a streak not seen since 1996:
Daily RSI has reached multi-decade lows
Current RSI reading is lower than during the 2008 financial crisis
Price action suggests severe short-term oversold conditions
Key Support at $235
Three major moving averages converge at the $235 level:
200-day moving average
50-week moving average
20-month moving average