Apple Report Drives Bearish Sentiment for AAPL Stock
Apple, the largest U.S. market-cap company, released its Q3 earnings report on October 31:
Earnings per share (EPS): Actual = $0.97, Expected = $1.60
Gross revenue: Actual = $94.9 billion, Expected = $94.5 billion
The nearly 40% miss on EPS likely disappointed investors, contributing to bearish pressure. As seen in AAPLs chart, prices dropped below $220 a level last seen in early September.
Could the decline deepen? Todays technical analysis of AAPL presents a few arguments for a bearish outlook:
In 2023-2024, the stock moved within a broad range between $167 and $200. When the bullish breakout of this range occurred in June 2024, $233 became a potential target, showing signs of resistance. The resistance around $233 is also reinforced by the upper boundary of a long-term ascending channel (in blue).
Trendline slopes have been gradually flattening (in purple), a sign of waning buying momentum.
This weakening demand near $233 may lead to further bearish attempts to push AAPL below $220 toward the median of its long-term rising channel.
Meanwhile, Wall Street analysts remain optimistic. According to TipRanks:
23 of 34 analysts recommend buying AAPL;
The average 12-month price target is $245.
Read more: https://fxopen.com/blog/en/oa-apple-report-drives-bearish-sentiment-for-aapl-stock/
Text source: Forex Trading Blog
