The forecast for the 210 million units is down 13% year-over-year and not unlike electric vehicle manufacturers, Apple is expected to suffer from delivery delays due to component shortages.

See Also: Is Apple's Stock Overvalued Or Undervalued?

The Apple Chart: Apple’s stock gapped down Monday and lost a support level at $144.53 amid overall market weakness. When Apple reached a lower support zone at the $141.37 mark, bulls came in and bought the dip and the stock printed a daily candle with a long lower wick.

The gap left above is good news for the stock because gaps fill 90% of the time. It's likely Apple will rise up into the $145.67 area in the future to fill the empty trading range.

Monday’s bearish selling pressure caused Apple’s relative strength index (RSI) to drop to 35%, which puts the stock near oversold territory. The level is a buy signal for technical traders. When Apple’s RSI fell to 35% on May 12 the stock reversed course into an uptrend and rallied 30% to a Sept. 7 all-time high of $157.26.

The higher-than-average bearish volume over the past two trading days may give pause to technical traders because it indicates there is momentum to the downside. On Monday 123.47 million Apple shares exchanged hands compared to the 10-day average of 102.67 million. Bullish traders will want to watch for consolidation at least on lower time frames to gain perspective on future direction.

Apple is trading below the eight-day and 21-day exponential moving averages (EMAs) with the eight-day EMA trending below the 21-day, both of which are bearish indicators. The stock is trading about 6.5% above the 200-day simple moving average, however, which indicates long-term sentiment is bullish.