Apple stock price has closed its second consecutive week in the red as the new iPhone faces lower demand. Additionally, the tech giant is also likely to face an import ban on certain models of Apple watches after it was accused of violating a patent. At press time, the stock of Apple Inc was changing hands at $168.22 after a 0.8% increase on the last trading day of the week.
US equities are having a rebound on Friday as the next FOMC meeting is right on the corner. The data released this week pointed towards a stronger US economy which has raised expectations of the rates to remain high for a long time. At the time of writing, the Nasdaq 100 index was up 149 points for the day while S&P 500 index was showing a 0.1% recovery.
Apple may have found itself in deep water after the US International Trading Commission accused the tech giant of violating patents held by Masimo. The patent in question is the technology that measures blood oxygen levels. Consequently, the commission has ordered a total ban on the import of Apple Watches that possess this technology.
Next week, Apple is set to release its earnings report for the third quarter. However, the forecasts of the earnings are not looking good as iPhone 15 sales figures have declined compared to its predecessor. Apple is projected to earn $84.67 billion in revenue,10 billion less than last year. Side by side, the revenue generated solely from iPhones is expected to be $41.53 billion from $42.84 billion previously.
Apple Stock Price Prediction
The chart below shows the NASDAQ: AAPL has been trading in the $155-$183 trading range since November 2021. Earlier this year, the stock broke above the range highs but was put down by the bears and the price gained acceptance below the trading rangehighs in September.
Since the stock of the tech giant has breached the $169.5 support level. This has opened the door for a deeper correction towards $155, which is also the range low. This move will be a 7.7% correction from the current levels. An invalidation of this Apple stock price prediction will be a reclaim of the $169.5 level which is the middle of the current trading range.
The FOMC meeting is also scheduled for next week which coupled with Q3 earnings release would keep AAPL stock price in check next week.
