Apple Stock News and Forecast: AAPL losing support despite iPhone 14 coming soon

  • Apple falls on Tuesday as the equity market turned lower.
  • AAPL stock set to make headlines for rumored iPhone 14 launch.
  • Apple has sent out invites for an “event” on September 7.

The equity market moved lower on Tuesday as some initial optimism proved short-lived. Bond yields moved higher as some economic data was slightly better than expected. This likely opens the door for the Fed to keep raising rates as the economy is not yet slowing down. That saw bond yields move higher on Tuesday, and tech stocks led the way lower. The Nasdaq closed worst of the main indices, but all were hovering around 1% lower for the session. Apple closed slightly worse at 1.53% lower.

Apple stock news

The rumored launch of the iPhone 14 is gathering pace and is widely expected to come next week on September 7. Analysts are forecasting modest price hikes for the new phone, which could impact demand as consumers tighten their belts in the face of rising inflation. The appeal of Apple remains strong, and the age profile of users is relatively young, which may mean less price elasticity of demand in this cohort. That could be a modest boost to predicted iPhone sales. The fact remains that iPhone launches have not been met with much immediate enthusiasm for the share price. The anticipation seems to see higher AAPL stock performance than the actual unveiling. 

Apple stock forecast

Thus far the downtrend is remaining in place. A series of higher highs and lower lows remains the dominant theme going back to December 2021. This latest peak very nearly broke the cycle but just failed at $179.65. That test saw Apple overbought on the Relative Strength Index (RSI) and the Money Flow Index (MFI) signals. We use a very overbought measure at 75 or above rather than 70, which is the norm. This gives stronger signals.

Apple has reversed sharply off the peak – another point for bears. Now we are back between the 200 and 50-day moving averages, so there may be a period of stabilization. For this trend to play out, Apple should in theory make a lower low, which means an extended move lower to $129 and below. There is quite a large volume profile zone from $148-146, which may also slow the descent, but the risk-reward and probability, for now, are looking lower. Only a break of $180 changes the picture.

Apple chart, daily

Leave a Reply

Your email address will not be published. Required fields are marked *