{"id":66389,"date":"2023-09-28T09:49:42","date_gmt":"2023-09-28T13:49:42","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/apple-stock-is-set-for-worst-month-of-the-year-what-comes-next\/"},"modified":"2023-09-28T09:49:45","modified_gmt":"2023-09-28T13:49:45","slug":"apple-stock-is-set-for-worst-month-of-the-year-what-comes-next","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=66389","title":{"rendered":"Apple Stock Is Set for Worst Month of the Year. What Comes Next."},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-BAR-0000755923\">\n<div data-layout=\"wrap\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetMediaIllustration\n          wrap\n  article__inset\n        article__inset--type-InsetMediaIllustration\n          article__inset--wrap\n    article__inset--lead\n  \"><\/p>\n<p>        <!-- eventually when we know what this card will be we can change it and leave this one --><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-wrap\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<\/figure><\/div>\n<p>\n        Apple<br \/>\n       shares are heading for their worst month of 2023 so far. The launch of the iPhone 15 still isn\u2019t helping the stock. <\/p>\n<p>\n        Apple<br \/>\n       (ticker: AAPL) shares were up 0.3% at $169.99 in premarket trading on Thursday. On Wednesday, the stock closed at its lowest level since early May.\u00a0<\/p>\n<div class=\"paywall\">\n<p>Apple is down 9.3% this month so far, putting it on pace for its worst month of the year since December last year, when it fell 12%.  It\u2019s also on pace for its worst quarter since the second quarter of 2022.  <\/p>\n<p>What\u2019s behind the gloom and what comes next?\u00a0<\/p>\n<p>John Roque, senior managing director at 22V Research, is repeating his previous call that Apple shares are still in correction after surging in the summer. He says Apple could fall to $150, based on the company\u2019s stock chart and past corrections after gains.\u00a0<\/p>\n<p>Fellow chart watchers at technical-analysis provider Phases &amp; Cycles also argue Apple was overbought when it surged to close to $200 in July but are more positive about the trajectory from here.\u00a0\u00a0<\/p>\n<p>\u201cThere is good support near $165-170; only a sustained decline below this level would be negative. A decisive rise above $190 would suggest the resumption of the uptrend toward higher targets,\u201d said Phases &amp; Cycles\u2019 analyst Monica Rizk.\u00a0<\/p>\n<p>For those investors looking for fundamentals, the recent newsflow around Apple hasn\u2019t been that positive since the launch of the iPhone 15. <em>The Wall Street Journal<\/em>\u00a0reported late on Wednesday that the high-end iPhone 15 Pro appears to be suffering from overheating issues, based on tests and buyer comments.<\/p>\n<p>Apple didn\u2019t comment to the WSJ and didn\u2019t immediately respond to a request for comment from <em>Barron\u2019s<\/em>.\u00a0<\/p>\n<p>More broadly, Apple looks to be suffering alongside other technology stocks from expectations shifting toward a higher-for-longer interest-rate environment. The tech-heavy Nasdaq Composite Index is down more than 9% from its July highs.<\/p>\n<p>The next stock-specific catalyst for Apple will likely be more concrete data on demand for the iPhone 15. While signs from the preorders were for solid demand across its range, analysts at UBS said in a research note this week that some consumers might be trading down to less expensive devices in Europe, while Chinese demand could be affected by macroeconomic pressures. They kept a $190 target price on Apple stock and a Neutral rating. <\/p>\n<p>Write to Adam Clark at adam.clark@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/articles\/apple-stock-chart-drop-buy-sell-7cadf337?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Apple shares are heading for their worst month of 2023 so far. The launch of the iPhone 15 still isn\u2019t helping the stock. Apple (ticker: AAPL) shares were up 0.3% at $169.99 in premarket trading on Thursday. On Wednesday, the stock closed at its lowest level since early May.\u00a0 Apple is down 9.3% this month [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":66390,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-66389","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Apple Stock Is Set for Worst Month of the Year. What Comes Next. | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Apple shares are heading for their worst month of 2023 so far. The launch of the iPhone 15 still isn\u2019t helping the stock. 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