Shares of Apple (AAPL) are experiencing a prolonged sell-off, marking the sixth consecutive day of declines for the tech giant. Yahoo Finance's Jared Blikre delves into the details surrounding Apple's recent downturn, offering insights into the oversold state and what it could mean for investors.

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Editor's note: This article was written by Angel Smith

Video Transcript

[AUDIO LOGO]

JOSH LIPTON: Apple shares on track for their sixth straight decline. The stock now off 10% from its most recent high. Jared Blikre is here with a look at the next levels traders are watching. Jared.

JARED BLIKRE: Thank you, Josh. It's getting ugly out there. We can see behind me, this is a year to date chart in Apple. And we just fell out of bed because 180 was a support level to watch there. And we have now traded under it for about three straight days.

Now I'm going to go to a three-year chart so I can show you some of the levels that are of interest below the current price. So 165 is really where I think the rubber meets the road right here. So 169, pretty close to that. Then you have the 150 area. I also include maybe 145.

But then the real biggest support that I'm seeing is around 120 to 125, and that is way down there. Now that would be an extreme move, and it probably wouldn't happen overnight. And it doesn't have to happen over all. But one of the interesting things that's happened over the last few days is the market has come down so fast, Apple stock has come down so fast, it is oversold. And in fact, there's something called the relative strength indicator, it is now printing a 22 out of 100.

Now anything under a 30 is considered oversold. And when this happens, a lot of times there's a mean reversion. So I ran the statistics, and here's what it's looking like for when we get a drop below the RSi below 25 and then it pop back above. Going back 25 years, it's happened 12 times. But the statistics are really bad over the next few days. Negative or over the next two days, the next one week, the next two weeks, and one month. You have to go out to a quarter.

So it might not be the best time to be buying Apple right now. And I'll just close with an Apple seasonality, this is average returns per month. And you can see through May, generally pretty positive here. So we do have that slight tailwind of positive seasonality. But could be some more pain in terms of-- excuse me-- more pain potentially in the short term here, guys.