Has Apple hit bottom? by Philip Elmer-DeWitt @FortuneMagazine April 23, 2012, 3:09 PM EST E-mail Tweet Facebook Google Plus Linkedin Share icons 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%. See also: Cocking the Apple slingshot Can Tuesday’s earnings report reverse Apple’s 2-week slide?