- News & Education
Apple 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.
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. If the advice relates to acquiring a particular financial product, you should obtain and consider the Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for that product before making any decisions.