Apple Inc. (AAPL) saw its shares decline in early Monday trading following reports that the tech giant could see a 6-million-unit gap in iPhone production due to disruptions at its key China manufacturing plant as Covid protests spread throughout China.
Let's check and see how Apple's charts may fare in light of this development.
In this daily bar chart of AAPL, below, we can see that prices are trading below the declining 200-day moving average line. Prices closed last Friday above the bottoming 50-day moving average line but the pre-market pricing will show that AAPL is now below the 50-day line. The trading volume has been more active the past three months and tells me that there may be a shift in ownership. The daily On-Balance-Volume (OBV) line shows weakness from the middle of August and the Moving Average Convergence Divergence (MACD) oscillator is right at the zero line, but weakness on Monday could turn this indicator lower.