Buyers Aim to Support Apple (AAPL) Following Analyst Call

January 7, 2013 11:51 AM EST
Apple, Inc. (Nasdaq: AAPL) saw selling pressure early amid comments and price target cut out of Barclays earlier.

Despite the initial pressure, many are positive that Apple might be near a bottom. Market data today has more money trading on an uptick in Apple shares versus the opposite move. Money flow is net $116.2 million in favor of a move higher with the overall uptick-to-downtick ratio at 1.1 times.

Apple is still well off its all-time high of $705.07 hit last September. The stock bottomed at $500 recently, having tested the mark about three times over the last two months.

Notably, the 14-day Money Flow Index showed shares being oversold at the end of September, briefly moving below 20 on the index. Since December 21st, Apple stock is up about one percent.

Apple is currently on a two-session losing streak and back in negative territory Monday.

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