Along with the entire market diving, AAPL today hit a 52 week low of $149 just before the market closed. The stock jumped just a touch to end at $150.92 for the day, but as analysts have noted, AAPL share price declines over the last few months have put it into death cross territory.
As noted by CNBC, a death cross is “when a stock’s 50-day moving average crosses below its 200-day moving average. The bearish technical move implies the rapid deterioration of a stock’s upward momentum.”
Often times, a stock seeing the death cross is a sign that further declines are on the way. President of Blue Line Futures, Bill Baruch, told CNBC that AAPL had fallen further than he expected and now thinks it could sink as low at $144.
It was just four months ago that Apple became the first publicly traded company to cross a trillion-dollar market capitalization. Last month it fell back into the $900B range, and now with a 36% decline in share price since its 52 week high, AAPL shares make up a $716B market cap, losing almost $300B in the last few months.
Last night we heard yet another forecast that Apple will cut iPhone production again after hearing multiple reports about the same.
Last month, reliable Apple analyst Ming-Chi Kuo cut his iPhone XR sales forecast by 30 million units. All of this comes as Apple won’t announce unit sales for its devices in future earnings calls, adding to Wall Street concerns.
