Stock Of The Day: Will Apple Bring The Market Down?
Portfolio Pulse from Mark Putrino
Apple Inc. (NASDAQ:AAPL) is facing a potential break in its support level around $218, possibly due to lower-than-expected demand for the iPhone 16. This could lead to a new downtrend as buyers exit the market, leaving sellers to push prices lower.
September 17, 2024 | 4:22 pm
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Apple's stock is at risk of breaking its $218 support level, which could lead to a new downtrend. This is attributed to lower-than-expected demand for the iPhone 16, causing a shift in supply and demand dynamics.
The article highlights that Apple's stock is nearing a critical support level at $218, which has been significant since June. The potential break of this support is linked to lower demand for the iPhone 16, suggesting a shift in market dynamics. If the support is broken, it indicates that previous buyers have exited, leading to a potential downtrend as sellers struggle to find buyers, necessitating lower prices to attract interest.
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