Apple Inc. AAPL shares are trading lower by $0.40 at $138.60 in Thursday's session. Shortly after the open, Doug Kass announced he moved Apple from a Small to Medium short position on Wednesday.
Coupled with the breach of the five consecutive lows -- in a narrow range from $138.59 to $138.82 -- that ignited a crescendo of selling. The ensuing decline found support ahead of its February 28 low ($136.70), only reaching $137.05.
At this time, the rebound off that low is attempting to reclaim the aforementioned support level at the $138.70 area.
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