APPLE STOCKS FALL ON RATING DOWNGRADES
Apple’s stock is currently trading at 199.87-lower by 2.13% as compared to the previous closing price. In the pre-market trading session, the stock was trading lower by 1.34%. The stock has continued falling after the opening bell.
Stocks of the iPhone maker fell on Monday after Rosenblatt Securities downgraded it to sell from neutral. The investment bank, however, reiterated its 12-month price target on stocks of Apple at $150. Rosenblatt expects that the tech giant will face deterioration over the next six to twelve months. The investment bank believes that iPad sales growth will slow in the last six months of this year.
Apple is scheduled to report its Q3 earnings on 30th July. Stocks of the iPhone maker have rallied 29% so far in 2019.
On the technical front, the RSI is currently at 55.68% and suggests that the market can move in the downward direction. The current price is below the MA5. The current price is above the middle line of the Bollinger bands but is heading downwards.
TRADE SUGGESTION- STOP SELL AT 199.80 TAKE PROFIT AT 199.00 STOP LOSS AT 200.20