Apple shares may collapse after Tesla-analysts
2022.12.29 06:55
Apple shares may collapse after Tesla-analysts
Budrigannews.com – Tesla (NASDAQ:) as Some analysts believe that the bears may be turning their attention to Apple (NASDAQ:) as the stock selloff continues to dominate headlines (down 42% month-to-date).
Yesterday, Apple stock price hit a new year-to-date (YTD) low of $125.87, and bears are now looking to test the low $120s of the 2022 downtrend channel support.
BTIG’s analysts warn that Apple stock could soon fall. They identify the $113.72 200-week moving average as the next potential bearish target.
They wrote to their clients in a note that stated, “As we enter 2023, our sense is eyes will shift to Apple, which is still flirting with its June lows around $129, but relative strength has firmly broken below its June lows.”
The experts likewise see the potential for a greater pullback in Apple stock, which is down 29% YTD.
They wrote, “There is a very large unfilled gap at $96 from July 2020,” and they added that the gap and the 200 WMA might be “in play for 2023.”
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The analysts added to Tesla stock:
The 100-105 range appears to be a potential support area. Although this does not guarantee a significant rally, it should stop the bleeding.
Thursday’s pre-market price of Apple stock is up about 1 percent.
