Apple (NASDAQ: AAPL) stock price is showing weakness despite the launch of the much-awaited iPhone 15. The stock is giving bearish reversal signals after a strong rally since the start of 2023. Technical analysis reveals that the bears are finally gaining momentum.
On Tuesday, Apple revealed the iPhone 15 at a launch event in California. The event was very significant for the tech giant as iPhone sales make up 48% of its total revenue. Many analysts expected the stock to do well leading up to the launch, but the short-term traders have met with disappointment.
NASDAQ: AAPL Drops In Pre-Market
After a 1.06% drop on the day of the iPhone 15 launch, Apple shares fell another 0.4% on Wednesday during the pre-market hours. The stock might be gearing up for a major downside move as the markets await the August CPI data. The CPI report, which will be released today, may affect the outcome of the next week’s FOMC meeting.
US equities have rebounded from August lows as analysts are expecting the rates to remain constant. According to the CME FedWatch Tool, there is a 93% chance that the US Federal Reserve won’t increase rates in its upcoming FOMC. Nevertheless, Apple stock price is trading 11% below its all-time high.
Apple Stock Price Prediction
After almost a 60% surge this year, NASDAQ: AAPL bulls appear to be losing momentum. The following weekly chart shows a rejection that points toward the formation of a potential double-top pattern. Such patterns act as a major bearish reversal signal. The weakness in the Nasdaq 100 index adds to the bearish confluence.
Apple stock price forecast is not looking very bullish at the moment. Bulls need to gain strength above the 2022 all-time high of $183. Today’s CPI numbers and the upcoming FOMC meeting will keep the markets volatile till next week.
In the meantime, I’ll keep sharing updated Apple forecast and my personal trades on my Twitter, where you are welcome to follow me.
