Apple has become ridiculously oversold.
After pulling back from $157.50 to $143.43, the stock appears to have caught strong support dating back to July. From here, we’d like to see a bearish gap refill around $148. It’s also wildly oversold on RSI, MACD, and Williams’ %R at the moment. Helping, Wedbush analyst Dan Ives says that it’s time to buy the dip in tech stocks, as noted by Street Insider.
In fact, Ives sees China’s Evergrande as the latest “white knuckle moment” as the sell-off has created “another buying opportunity to own our favorite tech stocks.”