Apple Tests Key Technical as IPhone Sales Concerns Mount: Chart

(Bloomberg) -- Apple Inc. is testing a key technical indicator that it traded firmly above for all of last year. The stock fell three straight days to close a hair above its 200-day moving average of $165.52 on Friday. With cautious analyst notes increasing prior to the iPhone maker’s May 1 earnings report, shares are now challenging near-term support at about $165, a level it successfully bounced off of a few weeks ago.

To contact the reporter on this story: Arie Shapira in New York at ashapira3@bloomberg.net.

To contact the editor responsible for this story: Sophie Caronello at scaronello@bloomberg.net.

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