APPLE BELOW $200 ON WEAKENING SALES, RATING DOWNGRADES
Apple is currently trading at 190.42-lower by 0.96% as compared to the previous closing.
In recent news, Apple stocks were downgraded on Wednesday by Guggenheim, forecasting a 5% decline in iPhone units sold in 2019. The firm also said rising prices would not be enough to offset the decline in sales. Guggenheim downgraded stocks of Apple to neutral from buy and removed its prior price target of $245.
In addition, UBS also today cut its Apple iPhone sales estimates for the current quarter to 73.5M from 75M, citing supplier warnings and overseas sales pressures because of the rising US dollar. The firm also cut its 12-month price target on the tech giant to $225 from $240.
On the technical front, the RSI is currently at 32.19% and suggests that the market can move in the downward direction. The current price is below the MA5. The %K has crossed the %D from above to the downside at around 33% and suggests that the market may head downwards
Overall Bias is Negative and short-term trades can be initiated with tight Stop Loss and Profit targets.
TRADE SUGGESTION-STOP SELL AT 190.00 TAKE PROFIT AT 187.50 STOP LOSS AT 191.30