AAPL stock was trading at $148.04 as of Wednesday 02:16 PM EDT.
Saxo Bank expects Apple stock (NASDAQ:AAPL) to open below previous support on Wednesday. AAPL stock was at $148.37 support. “Support is thin, and suggestions that Apple will slash iPhone manufacturing due to decreasing demand have energized sellers,” analyst Kim Cramer Larsson wrote. “A closure below that level will establish a downtrend, and selling pressure will likely accelerate in the coming weeks,” Larsson said. “If the share price closes below the channel’s bottom falling trend line.”
Apple could touch the June low around 129 if the earnings season brings more bad news. A breach below $150 may send AAPL to $135 to $140, according to BTIG’s Jonathan Krinsky.
AAPL and Tesla (NASDAQ:TSLA) are the only two Nasdaq 100 (NDX) weighted names remaining up over the last year. TSLA is “back under its 200 DMA, but has to breach 282 to violate the June uptrend,” Krinsky added.
Tech’s Bad Summer, AAPL Stock, and More
The third quarter ends Friday, ending a trainwreck for big tech names as recession fears, changing consumer tastes, a bear market, and supply chain snarls converged against the once-hot sector.
Tech stocks have plummeted for the most part of the year. Meta is down 59% while Nvidia is down 58% year-to-date. Amazon (NASDAQ:AMZN), Google (NASDAQ:GOOG, NASDAQ:GOOGL), and Microsoft (NASDAQ:MSFT) are all down 31%. Only Tesla (NASDAQ:TSLA) and AAPL stock are down more than the S&P 500 (22%).
Featured Image- Megapixl @ Pojoslaw