Bearish Apple declines $2.1 (1.42%)

Yesterday at a glance: a tough session dominated by bearish sentiment left Apple $2.1 lower, while setting a $145 to $147.23 session range.

Initial Jobless Claims data from United States will be released today at 13:30 UTC with analysts expecting a decline to 195,000. Potentially significant price fluctuations in Apple are expected to follow.

This down-slide takes place despite the positive US macroeconomics indicators data that was published earlier — data from United States concerning Crude Oil Inventories was released yesterday at 15:30 UTC. Newly published figures emphasized continued decline from last month's figure of 7.65 million to 1.17 million this month.

While price action maintains a negative bias, United States ISM Manufacturing PMI (Feb) came out at 47.7, while a consensus of analysts was expecting 48. United States Cushing Crude Oil Inventories released yesterday at 15:30 UTC with a figure of 307,000, while the previous figure was 700,000.

The MACD is significantly below its signal line, which suggests the market is running out of bearish momentum and could revert to a positive outlook as bulls regain control. Apple's lower Bollinger Band® is at $144.59, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Apple could begin to recover as it approaches significant support, now 84 cents away from $144.47. Dipping below could be an indication that further losses are ahead. In contrast, price action remains constrained around the key Fibonacci level of $145.93 currently serving as support. If price action breaks below, the next Fib hurdle is $137.94.

Overall, looking at the technical analysis landscape, although technical indicators are mixed and pointing in different directions, it seems Apple is set to appreciate despite today's setback.

Apple was not the only decliner in the technology sector; Microsoft closed at $246.27 (down 1.26%).

On the other hand, positive performances could be seen by looking at other technology stocks as Salesforce gained 2.29%, as it traded at $167.35. Intel added 1.6% to its value, and traded at $25.33.

Looking ahead, ongoing depreciation may be prolonged as as things stand, upcoming United States Initial Jobless Claims data is projected to fall short of market expectations with newly published data of 195,000, following on from the preceding figure of 192,000. New data is set to be published today at 13:30 UTC.

Furthermore, United States ISM Non-Manufacturing PMI (Feb) will be released tomorrow at 15:00 UTC.

Apple hit a significant low of $125 around a month ago, but has since recovered 17.91%.