Apple (AAPL) Stock Price Drops Below $240

FXOpen

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 Apple’s 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, Apple’s 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 Friday’s 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.

Buy and sell stocks of the world's biggest publicly-listed companies with CFDs on FXOpen’s trading platform. Open your FXOpen account now or learn more about trading share CFDs with FXOpen.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Stay ahead of the market!

Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.

forex

Share CFD Trading with FXOpen

Share CFD Trading with FXOpen

Experience ECN technology for deep liquidity and light-speed trade execution

  • Trade with tight spreads
  • Take advantage of low commissions
  • Choose from 4 trading platforms: MT4, MT5, TradingView, or TickTrader
Learn more

Latest articles

Forex Analysis

Market Analysis: EUR/USD Gains Pace While USD/JPY Turns Red

EUR/USD started a decent upward move above the 1.0460 resistance. USD/JPY declined below 153.00 and is currently consolidating losses.

Important Takeaways for EUR/USD and USD/JPY Analysis Today

· The Euro found support and started a

Shares

Warren Buffett Sells Bank Shares

On Friday, Berkshire Hathaway’s 13F filing (a quarterly report required by the U.S. Securities and Exchange Commission from institutional investment managers overseeing more than $100 million in assets) revealed that Warren Buffett’s company:

→ Maintained its Apple (AAPL)

Forex Analysis

AUD/USD Trades Near Year’s High After RBA Decision

Today, the Reserve Bank of Australia (RBA) eased monetary policy, cutting the interest rate from 4.35% to 4.10%, according to Forex Factory.

As reported by Reuters:
→ This marks the first easing since the 2020 pandemic;
→ RBA Governor Michele

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.