Apple shares fell $1.99 (-1.46%) to $134.51 in Friday trading. This after the stock fell 4.7% on Thursday, outpacing the declines in both the Nasdaq and the S&P 500.
Whether it’s concerns about China’s economy, iPhone production, slowing growth, its App Store business in Europe or just simply a global recession, Apple shares are finally feeling some heat.
Apple fell more than 4% on Thursday, marking its worst one-day decline since Sept. 29. Worse though, the stock broke below key support in the $140 to $141 zone.
Now breaking below key support, it thrusts the fourth-quarter lows into play in the $134 to $135 zone… So what happens if $134 to $135 fails as support? In that scenario, Apple stock could trade down to its year-to-date low near $129.
In the event that shares completely break down and the selling becomes overwhelming, it’s possible we see the $113 to $118 zone.
MacDailyNews Take: Holy moly, AAPL shares for $113 would be such an enticing bargain! Well, one can dream. Hopefully, this dream will come true and we can all back up our trucks!
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