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"Tech giant Apple (NASDAQ:AAPL) has been knocked around for about 160 days or so since peaking just above $700. Since then, the shares have given up more than $250 per share for a decline of about 37%, but is that enough?
Interestingly enough, the charts are telling us “no”. Just as perfectly as the stock followed support trends on the way up, the shares are now just as sensitive to overhead resistance from the same technical trendlines on the way down. Unfortunately for the AAPL bulls, those trendlines (as well as a few other technical tricks) are forecasting that the next move for AAPL should be to the $400 level, racking up another 10% decline for this former Belle of the Bulls.
At the time of this writing, AAPL was breaking through the $440 level, a significant technical price according to the charts. This break lower is happening after an unsuccessful attempt to break back above the shares’ declining 20-day moving average. The declining trendline’s approach of the $440 level puts the shares between the technical rock and hard place, forecasting a significantly high probability that the shares will break into another layer of selling in the near-term future."
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