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Apple Stock Signals Correction, Bitcoin Dips From $50K

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Aayush Jindal

Key Highlights

  • Apple’s stock price started a downside correction from the $200 resistance.
  • A major bearish trend line is forming with resistance near $193.50 on the daily chart.
  • Apple posted quarterly revenue of $119.6 billion, up 2% year over year.
  • Bitcoin price surged toward $50,000 before the bears appeared.

Apple Stock Price Analysis

In the last analysis, we discussed why Apple Inc. stock price (NASDAQ: AAPL) eyes more upsides above the $175 level. It did gain bullish momentum above the $180 and $185 levels.

Recently, Apple announced its financial results for its fiscal 2024 first quarter ended December 30, 2023. The Company posted quarterly revenue of $119.6 billion, up 2% (YoY). During the quarter, Apple generated nearly $40 billion of operating cash flow and returned almost $27 billion to its shareholders.

Looking at the daily chart, the price even surged toward the $200 level before the bears appeared. A high was formed near $199.59 on TitanFX before the price started a downside correction. There was a move below the $192 support zone.

The price even dived below the 50% Fib retracement level of the upward move from the $165 swing low to the $200 zone. Apple stock is now consolidating below the $192 resistance.

There is also a major bearish trend line forming with resistance near $193.50 on the same chart. A clear move above the trend line and $192 could start a fresh increase. In the stated case, the price could revisit the main $200 barrier in the coming weeks.

If not, Apple stock could continue to correct lower. The first major support is near the $182.50 level. The next key support is near the $180 level or the 61.8% Fib retracement level of the upward move from the $165 swing low to the $200 zone. Any more losses could resend the price toward $172 support.

Economic Releases

  • UK Consumer Price Index for Jan 2023 (YoY) – Forecast +4.2%, versus +4.0% previous.
  • UK Core Consumer Price Index for Jan 2023 (YoY) – Forecast +5.2%, versus +5.1% previous.
  • Euro Zone Gross Domestic Product for Q4 2023 (Prelim) (QoQ) - Forecast 0%, versus 0% previous.
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