Shares of Apple (AAPL) - Get Report have been tracing out an impressive rebound over the last two weeks. From the May 12 low, the stock has gained over 11%, leaving behind layers of support along the way. This powerful recovery took root near a major support zone, one that may prove to be a very important turning point for the stock.

Apple investors should take on a more positive view of the action as the current bottom develops further.

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April was a brutal month for Apple. Almost immediately after closing at fresh 2016 highs on April 14, the stock went into a free fall. The next day Apple closed below its declining 200-day moving average as the route began. Heading into earnings, shares fell for the next six out of seven sessions -- and then came the earnings miss and a monster breakdown. Apple fell over 6% that day with the help of surging volume. As the month came to a close, the stock had returned to a major support zone.

Apple began to consolidate the massive April loses in early May. The downside pressure had eased as shares held in well near the $93-to-$92 area. This constructive pattern was very steady until a May 12 selling wave drove shares to fresh 52-week lows. Further damage was limited though, and with a divergent moving average convergence/divergence in place, the stock recovered quickly. Two days later, it appeared that the May 12 low represented a downside exhaustion. Apple has been drifting higher since.

In the near term, Apple bulls should consider the stock a buy on weakness. A very solid support zone is now in place between $96 and $93. The upper band of this key zone is marked by the initial May high, while the lower band is the 40-week moving average. A drift down to this area would produce a low-risk entry opportunity for patient bulls.

Currently Apple is a bit extended and may need a bit of back-and-fill action before the rebound continues. This may only require a minimal pullback and consolidation, most likely in the form of a flag or pennant, in place of a fade back down to key support.

Disclosure: This article is commentary by an independent contributor. At the time of publication, the author was long Apple.