Apple (NASDAQ: AAPL) stock price has performed extremely well in 2023, beating all analyst expectations. However, after generating more than 50% returns for the stockholders, the biggest tech stock is now having a major pullback. In the last three weeks, Apple shares have plunged 11%.
The correction in AAPL has dragged down the benchmark indices as well. On Thursday, Apple extended its weekly loss by plummeting another 1.29%. This put the overall weekly decline at 1.96%. The tech giant is on track to having the third consecutive red week.
Why Is Apple Stock Falling?
The release of the Q2 earnings report turned out to be the top for the stock of the innovative company. The financial results for the second quarter of 2023 showed that iPhone sales fell by 2.4% in the quarter ending in June. This was a major blow to the stock as iPhone accounts for almost half of the company’s revenue.
The decrease in iPhone sales was offset by the strong performance of services. Apple stock price also shrugged off the 2.3% uptick in profit, which remained at $19.9 billion during the third quarter of the fiscal year. Consequently, the stock experienced an intense sell-off dropping to its lowest level since 30th May.
Apple Stock Price Forecast
In my free Telegram group, I explicitly warned my audience about a double top formation on NASDAQ: AAPL chart. I turned bearish on the chart after it printed an engulfing red candle on the weekly timeframe. Since then, the stock has been in a tailspin without any signs of a reversal.
After the recent move, Apple stock price prediction is looking very bearish as the shares have broken below their 2022 peak. A failure to break above the $183 level anytime soon would confirm the formation of a double-top pattern, which is a strong bearish reversal pattern.
In the meantime, I’ll keep sharing updated Apple share price analysis and my personal trades on my Twitter, where you are welcome to follow me.
