Apple (AAPL) has broken its $125 relatively strong support line as it declines with the broader market. The stock is currently down $2.21, or 1.74%, at $124.93 and trading in what could be a newly created downtrend channel. If it continues downward, a move to $120 level to re-test support is almost guaranteed, whereas a move above $125 could take the name on a new uptrend to $128.50. If so, it would clearly add significantly to its 15.63% year-to-date gain.
Apple Inc. closed Monday at $127.14. The Cupertino, California-based tech giant has a current total market cap of $730.83 billion.