AAPL Stock Breaks Major Support

Apple Stock Dips Below 52-week Low

Shares of Apple Inc. (AAPL) dropped further Thursday to hit a new 52-week low of $89.47. That surpasses the previous low of $91.85 a share set on May 6, 2016. At current price levels the next areas of support for the stock are at $88.65 and $87.82, respectively.

Much of the falloff in Apple shares is attributable to investors worry the smartphone market has matured and growth is slowing. Apple reported a nearly 13% fall in its Q216 sales, and said the decline would continue, guiding revenue between $41 billion and $43 billion for the June quarter. Shares of Apple have lost more 28 percent of their value during the past year. The stock’s decline to yearly lows began in late May 2015 and has been a relatively steady drop since that time.

Apple shares are trading at unusually high volume Thursday. More than 40 million shares have already changed hands less than 2 hours into the trading session. The average volume of shares traded daily over the last three months is roughly 37 million.

AAPL stock is trading down 2.50% at $90.21 as of 11:34 AM ET.

The chart below shows where the equity has traded over the past year.

Apple stock

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