Apple stock set to snap its longest streak above this key chart level in 6 years
BUZ INVESTORS Apple stock set to snap Shares of Apple Inc. dropped Monday below a closely watched chart level, which could swing the short-term technical outlook to bearish from bullish for the first time in six months.
The technology giant stock AAPL, -3.24% started sinking around midday on Friday, helping lead a broad selloff in the technology sector as investors appeared to cash in on recent gains ahead of the weekend. Losses were extended Monday, after Mizuho downgraded Apple on concerns that investor enthusiasm surrounding the iPhone 8’s release later this year is already baked into the stock.
The stock slumped 2.4% in midday trade, after shedding 3.9% on Friday. That put the stock on course to close below its 50-day moving average, which many technical analysts view as a dividing line between short-term uptrends and downtrends, for the first time since Dec. 8, 2016.
Apple stock set to snap
It looks like the tech selloff from Friday is spilling into the Monday morning trading session despite months of sharp gains.
Goldman Sachs turned cautious on the sector, warning investors that they should not consider tech as a safe haven, while some fear it has become a massive market bubble.
|Industry:||Computer Hardware » Consumer Electronics NAICS: 334220 SIC: 3571|
|Compare:||OTCPK:(SNEJF), OTCPK:(PCRFY), NYSE:(KYO), OTCPK:(SHCAY), NYSE:(LPL), OTCPK:(ELUXY),|
|Traded in other countries:||AAPL.Argentina, AAPL.Austria, AAPL34.Brazil, AAPL.Chile, APC.Germany, AAPL.Mexico,|
Apple Inc designs, manufactures, & markets mobile communication & media devices, personal computers, & portable digital music players, & sells a variety of related software, services, accessories, networking solutions, & third-party digital content.
Apple designs consumer electronic devices, including smartphones (iPhone), tablets (iPad), PCs (Mac), smartwatches (Watch) and TV boxes (Apple TV), as well as a variety of services like Apple Music, iCloud, and Apple Pay. Apple’s products run internally developed software, and we believe this integration of hardware, software, and services often allows the firm to maintain premium pricing for its devices. Apple’s products are distributed online as well as through company-owned stores and third-party retailers.