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APPLE LOWERS REVENUE GUIDANCE, STOCK PLUNGES - Capital Street FX
Apple is currently trading at 143.77-lower by 8.99% as compared to the previous closing price. In the Premarket trading session, the stock was trading lower by 9.15%. The stock has pared some of its losses after the opening bell.
Apple lowered its first-quarter guidance in a letter to investors from the CEO on Wednesday. The company lowered revenue guidance to $84 billion, down from the $89 billion to $93 billion it had previously projected. The smartphone giant also lowered gross margin to about 38% from between 38% and 38.5%.
The company blamed a variety of factors for the lowered guidance, including a weakening economy in China and lower-than-expected iPhone sales revenue.
On the technical front, the current price is below the MA5 (154.34). The current price is below the middle line of the Bollinger Bands and is heading downwards. The RSI is currently at 28.80% and suggests that the market can move in the downward direction.
TRADE SUGGESTION- LIMIT SELL AT 144.50 TAKE PROFIT AT 142.50 STOP LOSS AT 145.50