Apple Inc. was trading slightly higher in the premarket on Friday in tandem with the S&P 500 E mini-futures, which were rising up over 1 percent.
The tech giant has been trading in a heavy and consistent downtrend since March 30, plunging about 23 percent to reach a low of $136.60 on Thursday.
A downtrend occurs when a stock consistently makes a series of lower lows and lower highs on the chart.
The lower lows indicate the bears are in control while the intermittent lower highs indicate consolidation periods.
Traders can use moving averages to help identify a downtrend, with descending lower time frame moving averages (such as the eight-day or 21-day exponential moving averages) indicating the stock is in a steep shorter-term downtrend….