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Apple set to continue heading lower

SPX Tech analysis by Simon Kazinsky on 02:47 February 08, 2018 EST

Apple is unable to recover territory and come back above its mid term supporting moving average.

As the chart shows shares trade below the $162 mark. More revealing is the fact that when it attempted to climb after Monday's dramatic fall it found this figure as support turned resistance and bounced back down from there.

Ending the week below this figure will strengthen the negative outlook for Apple. Investors are still highly complacent with this stock so carnage in the short term is still a very likely outcome.