Apple (AAPL) Stocks Bearish Pattern Is Detected, It Might Go Even Lower, According to the Tech Analysis

by Saad Ullah

New fall is ahead as new bearish pattern emerges on the stocks of the biggest technical company.

Apple, the largest tech company by market capitalization, has been slowly declining in recent weeks. However, this is probably not the end of the bearish trend that has gripped the stock.

According to a technical analysis by the Market Rebellion portal, the stock will face another decline as a bearish wedge pattern has been recorded.

$AAPL – Bearish pattern active (wedge).  Market Rebellion via Twitter

Image Source: Twitter @MarketRebels
Image Source: Twitter @MarketRebels

After a crazy bull rally in the summer that propelled the company to its second-in-history to hit a 2 trillion market cap, the market has not been overly supportive of the tech giant. Apple became one of the flagships of the September correction, having lost more than 16% in a few weeks relative to its all-time high price.

Image Source: Google Finance AAPL
Image Source: Google Finance AAPL

Nevertheless, analysts are looking favorably on the long-term prospects for the company, given the release of the iPhone 12, the first smartphone to use innovative 5G technology. The next week is important for the company due to the publication of quarterly reports, which will take place on October 29.