BZ Chart Of The Day: Is Apple Breaking Key Support? By Benzinga

BZ Chart Of The Day: Is Apple Breaking Key Support?

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BZ Chart Of The Day: Is Apple Breaking Key Support?

It looks like the downtrend in Apple Inc. (NASDAQ: NASDAQ:AAPL) may continue. Shares may be breaking support around the important $139 level. If this happens it could set the stage for a move lower.

Support is a large concentration or group of investors who are all looking to buy new shares at, or close to, the same price. In this case, it’s $139.

If the price falls below the support level, traders say that the support has been broken. This is a bearish dynamic. It shows that the buyers who created the support are gone. They have finished or canceled their orders.

Either way, a large amount of demand has been taken out of the market. This means sellers will be forced to accept lower prices if they want to get their trades executed. This could force AAPL into a new downtrend.

To learn more about trading, check out the new Benzinga Trading School.

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BZ Chart Of The Day: Is Apple Breaking Key Support?

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