Shares of Apple are moving sharply lower after MIng CHi Kuo a widely followed analyst of Apple projects that iPhone 16 orders will be cut by around 10 million units for 4Q 2024 to 1H2025.
Shares of Apple are currently trading down $6 or -2.54% at $229.86. Last week, the price reached an all-time high price of $237.49.
Technically, the price is now breaking below its 100-hour moving average of $230.07 (see blue line on the chart above). The 200-hour moving average (green line) comes in at $227.70.
That will be the next downside target. If broken, it would shift the bias lower and have traders looking toward the 38.2% retracement of the move up from the August low at $221.64.
Since August 5 low price at $211.85, the price has moved up 21.17% to the high price last week. It is still up 17.13% since that day. For the year, shares are up 19.35%.