Is The iPhone Dead?Weak Apple Results Suggest So – Sells Recommended

After the close of trading on Tuesday (26/7), tech giant Apple posted better-than-expected results for the third fiscal quarter. Apple reported earnings of $1.42 per share. While this figure was down 23% compared with the results in the same quarter 1year-ago, it was higher than the consensus analyst estimate of $1.38. Total revenue came in at $42.4 billion, down 14.5% from its revenue of $49.6 billion for the same quarter last year. Yet, the results surpassed the forecast of $42 billion. The stock climbed 7% in after-hours trading as investors digested the results. Nevertheless, iPhone sales, which used to be the star of the show with two-thirds of the company’s revenue, came in at 40.4 million, slightly below the estimates of 42 million for the third quarter. Also, the latest announcement from Apple indicating that this year’s new iPhones won’t be major upgrades created some disappointment. On the hourly chart, the moving average is casting a shadow over the price action, suggesting that the bearish trend is still in the lead. The price is expected to slip further.

Trade suggestion

Sell stop at 96.24, Take profit at 95.95, Stop loss at 96.60

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