Traders are keeping an eye on Apple’s stock, which fell below a psychologically important milestone on the 5th.The company’s stock has been on technical highs this month.Adjust the situationentered in. The economy has been in an adjustment phase since August last year.
After failing to hold down support at $180 last week, Apple stock fell below $170 several times during trading on the 5th. If the stock breaks below that level and stays there, it could see a fall to last October’s low of $165.67, said Todd Thorne, managing director of exchange-traded funds and technical strategies at Strategas Securities. It is said that there is a possibility.
“Apple is one of the most influential stocks, so it could be oversold and then rebound from here in the short term,” Thorne said in a telephone interview. “The stock’s trend has deteriorated so much that traders may still expect a topout at $180.”
Apple’s stock, which hit its highest since its listing in December last year, has fallen nearly 12% this year, wiping out more than $300 billion (approximately 45 trillion yen) in market capitalization. As a result, Apple lost its position as the top US company by market capitalization to Microsoft. Meanwhile, some major tech stocks, including Nvidia, Meta Platforms, and Amazon.com, continue to trend higher.
Apple’s iPhone sales down 24% in China in early 2024 – ranking fourth in market share
Source: Bloomberg
Apple faces a number of challenges, including regulatory oversight of its App Store, declining sales in China and investor concerns about its growth prospects.
Needless to say, short investors are piling on Apple stock. According to data analysis firm S3 Partners, Apple was the second most profitable stock market short position in February, with unrealized gains of about $606 million.
Apple’s Drop Boosts Short-Seller Profits in February
The iPhone maker was the second-most profitable short last month
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Original title:Apple Shares Are Tanking. Here Are Levels Traders Are Watching(excerpt)