Apple finding support right above prior lowApple Inc. ($AAPL) is catching a bid today after trading down to $388.87 this morning, just above the April low of $385.10. Shares are currently trading at $399.71 up 1.51% on a volume of 11,150,000 shares putting shares on track for slightly above average volume today.
Technical traders will watch shares next week to see if today’s action results in a high low for Apple. A higher low would give bullish traders a short term catalyst. A break of April’s low would most likely give bearish traders some additional momentum, and another catalyst for traders looking for a move to the downside.
Apple has been trading down the past two weeks after failing to hold the 50 day moving average, currently at $431.71.
Apple Inc designs, manufactures, and markets personal computers, mobile communication devices, media devices and portable digital music and video players and sells a variety of related software, services, peripherals, and networking solutions.