Sept. 28, 2022, 5:02 p.m. EDT

AAPL Stock May Test June Lows

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Sep 28, 2022 (PressReach.com via COMTEX) -- AAPL stock was trading at $148.04 as of Wednesday 02:16 PM EDT.

Saxo Bank expects Apple stock /zigman2/quotes/202934861/composite AAPL -0.80% 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 Eyes Fast Revenue Growth

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 /zigman2/quotes/203558040/lastsale TSLA -6.37% 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.

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 /zigman2/quotes/210331248/composite AMZN -3.31% , Google /zigman2/quotes/205453964/composite GOOG -0.95% /zigman2/quotes/202490156/lastsale GOOGL -0.96% , and Microsoft /zigman2/quotes/207732364/composite MSFT -1.89% are all down 31%. Only Tesla /zigman2/quotes/203558040/lastsale TSLA -6.37% and AAPL stock are down more than the S&P 500 (22%).

Featured Image- Megapixl @ Pojoslaw

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Author: Jowi Kwasu
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COMTEX_415501355/2810/2022-09-28T17:01:50

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/zigman2/quotes/202934861/composite
US : U.S.: Nasdaq
$ 146.63
-1.18 -0.80%
Volume: 68.69M
Dec. 5, 2022 4:00p
P/E Ratio
24.03
Dividend Yield
0.63%
Market Cap
$2351.38 billion
Rev. per Employee
$2.40M
loading...
/zigman2/quotes/203558040/lastsale
US : U.S.: Nasdaq
$ 182.45
-12.41 -6.37%
Volume: 92.77M
Dec. 5, 2022 4:00p
P/E Ratio
56.37
Dividend Yield
N/A
Market Cap
$615.32 billion
Rev. per Employee
$753,983
loading...
/zigman2/quotes/210331248/composite
US : U.S.: Nasdaq
$ 91.01
-3.12 -3.31%
Volume: 71.27M
Dec. 5, 2022 4:00p
P/E Ratio
83.57
Dividend Yield
N/A
Market Cap
$960.28 billion
Rev. per Employee
$312,308
loading...
/zigman2/quotes/205453964/composite
US : U.S.: Nasdaq
$ 99.87
-0.96 -0.95%
Volume: 19.73M
Dec. 5, 2022 4:00p
P/E Ratio
20.10
Dividend Yield
N/A
Market Cap
$1302.37 billion
Rev. per Employee
$1.79M
loading...
/zigman2/quotes/202490156/lastsale
US : U.S.: Nasdaq
$ 99.48
-0.96 -0.96%
Volume: 24.35M
Dec. 5, 2022 4:00p
P/E Ratio
20.02
Dividend Yield
N/A
Market Cap
$1302.37 billion
Rev. per Employee
$1.79M
loading...
/zigman2/quotes/207732364/composite
US : U.S.: Nasdaq
$ 250.20
-4.82 -1.89%
Volume: 23.41M
Dec. 5, 2022 4:00p
P/E Ratio
26.96
Dividend Yield
1.09%
Market Cap
$1901.04 billion
Rev. per Employee
$918,891
loading...
/zigman2/quotes/203558040/lastsale
US : U.S.: Nasdaq
$ 182.45
-12.41 -6.37%
Volume: 92.77M
Dec. 5, 2022 4:00p
P/E Ratio
56.37
Dividend Yield
N/A
Market Cap
$615.32 billion
Rev. per Employee
$753,983
loading...

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