Connect with us

Hi, what are you looking for?


Apple stock claims a near 2-year low, and sellers still look aggressive

apple stock price prediction

Apple Inc. (NASDAQ:AAPL) is considered one of the most defensive stocks due to its strong cash flow position. However, a sustained bear market has caught up with the technology stock.

Apple traded slightly above $129 on Wednesday, the lowest price level in 18 months. The last time within that period that the stock traded very low was in June, when it hit $130 before embarking on a recovery. In December alone, Apple has fallen by more than 12%, the biggest loss since May 2019.

The sustained decline in the stock of the iPhone maker comes in the middle of a stock market turmoil. But aside from these broad market factors, Apple is grappling with production challenges in China. That comes with the Covid-19 surge in China, where most of Apple’s products are manufactured.

Analysts covering Apple have also been less optimistic for the first quarter of 2023. Earlier in the month, Oppenheimer assigned a price target of $170 for the stock. This was a downgrade from the previous price target of $190. The downgraded target reflected ongoing China woes, which are projected to lower iPhone sales by 6.5 million units.

In the long term and into Q2 2023, analysts expect iPhone demand to grow. Oppenheimer has an outperform rating in the longer term. They cite Apple’s strength in hardware and online services, which are expected to drive growth.

Apple stock loses support at $136

AAPL Stock Chart by TradingView

A technical outlook shows Apple losing momentum after bears crashed to a price below $136. The momentum is weak and bearish, as shown by the MACD indicators. The RSI remains below the midpoint, with room to fall to the oversold level.

Will Apple proceed lower?

The technical indicators are very bearish for Apple. Momentum is also weakening. On the bear side, the levels to watch before buying Apple are $123 and $104.

The post <strong>Apple stock claims a near 2-year low, and sellers still look aggressive</strong> appeared first on Invezz.

You May Also Like


Mimiq, Inc is announcing today the launch of their new product, Mimiq Track, at CES as part of their latest product line to operate...


Genesis Trading, the cryptocurrency brokerage and lender that halted customer withdrawals in the aftermath of FTX collapse, believes it can sort out its financial...

Editor's Pick

If you haven’t been following the “Twitter Files” saga, the gist of it is that the US federal government routinely pressured pre-Musk Twitter, and...

Editor's Pick

In Risky Business: Why Insurance Markets Fail and What to Do About It (Yale University Press, 2023), economists Liran Einav (Stanford), Amy Finkelstein (MIT),...

Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2023