Apple;s stock price has been ascending for the past months to a high of $156.10. Last Friday, technology stocks were all hit by sell off. Apple’s stocks were heavily traded with sell of after
Japanese bank Mizuho downgraded Apple to a “hold” rating today, as analyst Abhey Lamba believes enthusiasm around the company’s upcoming product cycle is “fully captured” at current levels, with limited upside to estimates from here on out. The bank lowered its AAPL price target to $150, down from $160.

The iPhone 8 would also not be able to support Gigabit LTE also dented the price as it uses a mixture of Intel’s and QualComm’s modem and have to be set to operate at the lower speed.

From a technical analysis perspective, the share has dropped below the 20 day average line and the next support level would be around $140.00. Will Apple share be heading south before rebounding up to $150 and beyond ?

By Harry