New York, Jan 20^th (TradersHuddle.com) – Shares of Apple Inc (NASDAQ:AAPL) were down significantly in the early trading session as the entire market sold-off today on China concerns. Apple shares are taking a hit today that certainly investors will be watching carefully, as it could provide another opportunity to get into this crowd favorite.

Apple shares have struggle to pick up steam, ever since breaking its’ previous 52 week high of $208 back in December. Since then Apple stock price action has been nothing but erratic, developing what appears to be a new range between calculated support at $204.50 and its resistance which is calculated at the $215.

Today’s price action places Apple’s stock right in the middle of this range, which is pretty much no man’s land for the stock, as traders will probably get back in, after a successful test of $204.50, if that develops we might see another run towards $215. It is clear that no momentum buyers will be getting into the stock until it gives clear signs that the stock will be moving to new all time highs.

The longer that Apple’s stock spends in consolidation mode the better for value and technical traders, as the 50 day moving average, which continues on a very well defined uptrend can play catch up with Apple’s price action. This will eventually provide a better entry with well defined risk just below the 50 day moving average.

Bollinger Bands are showing signs of contraction, as the stock continue to trade within a defined range.