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.