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Apple - Daily

Chart & Data from IG

By Minipip
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Apple - possible W-shaped formation?

Apple trying to hold itself around the support of $177.10 (dotted trendline), with the price falling below for the second time now in the last 4 weeks. As a result, those two falls have created two new support levels of $173.58 and $171.75, a break below these levels could see the stock test the support of $170.07 (green trendline). Currently, the price is trading at around $177.36 a share ahead of the FOMC decision tomorrow. If Apple manages to consolidate or hold its current level then we may see a W shape formation with a potential rise higher. However, this could be well dependent and influenced by tomorrow's outcome. For the time being, resistance sits at $179.37 followed by $179.71. Looking at the technical indicators, we can see the MACD was negative but now the volume is turning flat and the RSI is only just negative as it reads 44. 

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