Has Apple hit bottom?

Updated: Apr 23, 2012 3:22 PM UTC

FORTUNE -- In mid-morning trading Monday, Apple's (aapl) share price dropped below the technical traders' favorite Maginot lines: the 50-day moving average and the bottom Bollinger Band.

By 10:56 a.m., Apple was trading at $556.64, nearly 13.6% below its April 10 intraday high of $644.

Several indicators suggest that the panic profit taking may be over. Apple is way oversold and itching to make a major move up.

But if the stock wants to do that before the company releases Q2 earnings tomorrow, it's running out of time.

UPDATE: By 12:24 p.m. Apple had moved into positive territory. It closed at $571.70, down $1.28 (0.22%) in a day that the dow fell 0.78%.

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