As Apple (AAPL)’s stock continues to print a series of lower-lows that keep pushing the ticker closer to a 30% correction from its record high of $705.07 on Sept. 19, technical analyst Abigail Doolittle believes the iPhone-maker’s stock could tumble another 30% from current levels.
“Apple continues to look very bearish to me,” said Doolittle, talking with CNBC’s Bill Griffeth. “It’s trading in a confirmed double-top. The pattern has been confirmed for more than a week now. It’s carrying a target of $353, so Apple could actually tumble another 30 percent from here. Supporting that double-top, beyond the fact that it is a very reliable pattern once confirmed, a recent death-cross [Apple’s 50-day MA falling below the 200-day MA ; the first since late 2008], this suggests that the selling momentum has increased. Plus, there are unfilled gaps down near $431 and $386. So, overall I think that Apple continues to look very bearish and it’s confirmed for that downside target”.
Fundamental analyst Jeff Kilburg disagrees.
Here’s the full Doolittle-Kilburg clip:
Shares of Apple closed at $509.59 on the NASDAQ index on Friday and had fallen as low as $508.12 during the day on 12+ million shares traded. Despite recent downtrend, AAPL is still up 26% on the year.
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Another analyst pushing self-interested AAPL lows to support their short position… Gee whiz. How original.
this woman has traditionally been pushing bearish analysis on AAPL. Just disregard the noise if you’re long and bull. People that bash Apple’s prospects in China really don’t know what they are talking about. I bet those that bash it don’t even understand the Chinese culturally.
1. iOS is VERY Chinese Friendly interface.
2. Chinese are very Brand Conscious, we will come to America’s Premium Outlets and Buy up Coach, Gucci, Prada, LV. We like Abercrombie and Hollister, we like American Luxury Goods and are more willing to spend on a cup of overpriced Starbucks coffee than Mickie Ds, I’m not being sarcastic..this is reality. Now I am speaking on behalf of Chinese/Taiwanese/Hong Kong People that do have some money. Likewise, this is also the case for Apple.
3. I will give my Long time Chinese T-Mobile Premium Authorized Dealer’s opinion on Windows/Nokia interface phones (a store that specializes in CHinese markets in Los Angeles): Developers are not flocking over to the Windows system anytime soon. There are less apps supporting it and it will take at least two years for the windows phones to catch up. So no, despite the fact that China loved Nokia in the past, the larger Chinese market as of current still prefers Apple.
4. Chinese government has taken efforts to prevent Google to fully provide its service in China. Even when Android is open source, most Chinese users still use A). Tencent Products/Services, B). Baidu, C). This Hacked Chinese Version of Android Apps store that allows you to download apps for FREE. Copied Apps I mean.
5. The Japanese are even crazier about their iPhones/iPads.
Sure Android/Microsoft phones/tablets are more affordable in the broader market….but think about it…if you were trying to develop a hit app…which interface are you going to prioritize? Not saying Android is bad, I own an S3 Galaxy…but to be honest the programs are just not as smooth; that’s the consequence of open source.
One more thing, I’ve recently been driving around Los Angeles and visiting local Chinese restaurants. Alot of them are already sporting the Apple TV multimedia Receivers Playing downloaded Chinese Channels. So who knows maybe Apple TV will be another winner.
dream on. Unless you are smoking something..this is absurd and mark my words when the earnings come out..it will rise to $700
Isn’t this woman paying any attention to the numbers? Will she ever admit that she’s been wrong so many times?