The Rise and Fall of Apple (AAPL) Stock
The chart above needs very little explanation. It’s simply a graphical depiction of the rise and fall of Apple (AAPL) stock within the past year. This chart is especially relevant right now. As you may have seen or heard in the past few days, AAPL took another massive dive on Thursday.
Latest Plunge for Apple (AAPL) Stock
The huge gap down and extended fall occurred after Apple CEO Tim Cook issued a letter to investors late Wednesday. In that letter, he lowered the company’s revenue outlook down to $84 billion from the previous forecast range of $89-$93 billion. Cook blamed much of the substantially lower revenue forecast on weakening demand for iPhones from China. This is due to both a slowing Chinese economy and threats of a U.S.-China trade war.
AAPL’s plunge ensued in after-market trading on Wednesday and continued in earnest throughout Thursday. When the dust settled on Thursday’s close, Apple’s stock had fallen nearly 10% to its lowest level since July 2017. It was also the largest one-day loss for the stock in more than six years.
The chart above highlights some of the key technical and fundamental events during Apple’s rapid fall within the past three months. Of course, a good portion of AAPL’s plummet was due to the sharp drop in the equity markets overall and technology stocks in particular. But Apple has had its own severe problems that have contributed significantly to its recent downfall.
IMPORTANT: The information above should not be construed as investment advice and should not be considered as a solicitation to buy or sell securities. Past performance is not indicative of future results. Trading and investing in the financial markets involves substantial risk of loss, and may not be suitable for all investors.
Disclosure: At the time of this article’s publication, we have no position in any security or trade/investment mentioned, nor do we have any business relationship with any company whose stock may be mentioned.
Senior Market Analyst at The Technicals
A veteran global macro trader/analyst, Bart focuses on major market moves in currencies, commodities, fixed income, and global equity indexes. Bart stresses inter-market correlations and dynamics while keeping a close eye on risk. He has published countless market analysis pieces and has been a guest expert for a variety of major financial media. Contact Bart