Shares of Apple (AAPL) continue to look vulnerable as layers of support give way. The stock has had a rough month after reaching new all-time highs as August came to a close.

The September pullback from the $165.00 area has featured a trio of heavy selling waves that have driven the stock below key support areas. Today, another level appears to be giving way as overhead pressure intensifies. For patient Apple investors lower entry opportunities may develop soon.

Apple (AAPL) Stock Chart

Back in early August Apple exploded to the upside following a blowout third-quarter earnings report. The stock opened Aug. 2 with a powerful breakout gap, one of its biggest opens over the last few years. On the bell Apple was up over 4.7% on its second heaviest upside trade of 2017. This huge ramp pushed the stock to new all-time highs ending a three-month consolidation.

Apple extended the run through the remainder of the month but it was clear upside momentum had faded by early September.

The Aug. 2 post-earnings breakout left behind a very solid support zone near the May, June and July highs. This area marked the upper band of the mid-year consolidation. On Wednesday Apple, after easily slicing through its 50-day moving average, began to test this area but bullish interest was light.

Today, the stock is putting in new September lows intensifying the pressure on the post-earnings buyers. The September pullback is extending and should drive the stock even lower. A drift all the way down to the Aug. 2 breakout gap appears likely.

Investors should keep a close eye on the $150.00 area as this plays out. If Apple can regain its footing here a low risk entry opportunity will develop. Until then, Apple will continue to frustrate the bulls.

(This article originally appeared on Real Money, our premium site for active traders. Click here to get great columns like this from Bruce Kamich, Jim Cramer and other writers even earlier in the trading day.)

Apple is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells AAPL?

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At the time of publication, Morrow was long Apple.

Action Alerts PLUS, which Jim Cramer co-manages as a charitable trust, is long Apple.

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