Apple (AAPL) Share Price Drops Over 7% in Two Days
As previously reported, AAPL shares had their worst January since 2008, but the challenges for investors have continued. The Apple (AAPL) stock chart shows that:
- Yesterday, the price dropped below $218 during tradingthe lowest level since September last year.
- Compared to Fridays closing price, the decline over the first two days of this week amounted to approximately 7.7%.
Why Has AAPL Stock Fallen?
Yesterday, we noted that bearish sentiment was prevailing in the stock market, leading the Nasdaq 100 index into correction territory. Market conditions were further dampened by news that Apple had delayed the release of an AI-powered update for its digital assistant, Siri 2.0, increasing selling pressure.
What Could Happen Next?
Technical Analysis of Apple (AAPL) Stock
Key price reversals, marked with red dots, outline a downward channel (shown in red). The median line, which previously acted as support (indicated by an arrow), has now been broken, suggesting that bears may expect it to act as resistance going forward.
From a bullish perspective, the lower boundary of the red channel, reinforced by the September low around $214, could serve as an area where selling pressure might easeif AAPL continues to decline.
AAPL Share Price Forecast
According to TipRanks:
- 18 out of 33 surveyed analysts recommend buying AAPL stock.
- The average 12-month price target for AAPL is $251.
Read more: https://fxopen.com/blog/en/oa-apple-aapl-share-price-drops-over-7-in-two-days/
Text source: Forex Trading Blog
