A quick look at yesterday: the sleek smartphone manufacturer hovered around the $171.56 level after closing Monday at $174.2 and shedding 1.52%, as it reached reached yesterday's session close.

Crude Oil Inventories data from United States will be released today at 14:30 UTC with analysts expecting a decline to -920,000. Potentially significant price fluctuations in Apple are expected to follow.

Meanwhile, United States New Home Sales (Apr) came out at 683,000, while a consensus of analysts was expecting 663,000. United States Services PMI released yesterday at 13:45 UTC with a figure of 55.1, while the previous figure was 53.6. United States Building Permits released yesterday at 12:00 UTC with a figure of 1.15 million, while the previous figure was 1.43 million.

Apple could begin to recover as it approaches significant support, now 80 cents away from $170.76. Dipping below could be an indication that further losses are ahead. The MACD is significantly below its signal line which suggests that the existing bearish sentiment is beginning to swing around toward a more bullish outlook. In contrast, price action remains constrained around the key Fibonacci level of $171.58 currently serving as support. If price action breaks below, the next Fib hurdle is $170.47.

Overall, looking at the technical analysis landscape, it seems Apple —which is currently on a downtrend— might reverse course and start pointing upward in the short term.

Apple was not the only decliner in the technology sector; Oracle went down 3.17%, closed at $101.77. SAP went down 2.6%, closed at $133.29. Sony Group Corporation lost 2.69% yesterday and closed at $94.97.

Looking ahead, ongoing depreciation may be prolonged as projections for United States Crude Oil Inventories are set for a continuation of decline with -920,000 while previous data was 5 million; data will be released today at 14:30 UTC. United States Initial Jobless Claims projected to come out at 250,000 — worse than previous data of 242,000; data will be released tomorrow at 12:30 UTC.

Some optimism can drawn from the fact that United States Pending Home Sales is projected to outperform its last figure with 0.5%. It previously stood at -5.2%; data will be released tomorrow at 14:00 UTC.

The stock has been trending positively for about 2 months. Apple hit a significant low of $125 around 4 months ago, but has since recovered 39.34%.