Apple (AAPL) Stock Price Drops Below $240
The last time Apple (AAPL) stock traded below the $240 mark was in late November last year.
Bearish sentiment is being driven by negative news surrounding the company:
CNBC reports analysts' views that the excessively thin design of the new iPhone SE 4 models will complicate sales in China. The analysts also note a decline in the appeal of the Apple Intelligence feature.
Investment firm Moffett Nathanson downgraded Apples stock rating from "Neutral" to "Sell" and lowered its target price for AAPL from $202 to $188. According to analysts, the 30% growth in Apple stock for 2024 is largely unjustified.
Criticism from Mark Zuckerberg, who believes that Apple has not invented anything groundbreaking for a long time.
As we mentioned on 27 December, Apples stock appeared overbought and vulnerable to a correction.
Technical analysis of the AAPL chart today shows that the price has dropped to:
The median of the current channel (marked in blue);
The $235 level, which previously acted as resistance.
Therefore, it is plausible that in the short term, this block formed by these two lines may provide support to the falling price. This hypothesis is supported by the long lower wick on Fridays candle, indicating increased buyer activity.
According to TipRanks:
Analysts' 12-month price target for AAPL stock averages $244.77;
Of 29 analysts surveyed, 19 recommend buying AAPL stock, while 3 recommend selling.
Read more: https://fxopen.com/blog/en/oa-apple-aapl-stock-price-drops-below-240/
Text source: Forex Trading Blog
