Apple Stock Most Oversold Since 2018, RSI at 22, Amid $200B Selloff

Apple Inc.'s stock has been experiencing significant oversold conditions, marking its most oversold state since 2018, as indicated by various analysts and market observers. The stock's Relative Strength Index (RSI) has dropped to its lowest level since 2019, currently at 22, with the price moving entirely outside the daily Bollinger band. This level of oversold condition hasn't been seen since the COVID Crash in March 2020, when Apple was more than three standard deviations below its 50-day moving average (DMA). Despite the broader stock market's upward trend, Apple has been lagging, with a notable $200 billion selloff contributing to its current state. Analysts are keeping a close eye on the $165 level, as the company faces what some describe as a 'changing of the guards,' with increased responsibility on semiconductor bulls to drive market performance.