As Tesla’s stock sell-off continues to dominate the headlines, with the stock down almost 50% since Dec 1, 2022, some analysts are predicting that the bears may shift their focus to Apple Inc. (NASDAQ:AAPL).
Jonathan Krinsky, Chief Market Technician at BTIG, has warned that Apple’s stock may be breaking down soon. Krinsky sees the potential for a larger pullback in Apple’s stock, which is already down more than 30% since the start of 2022.
In a note to clients, he pointed to the 200 weekly moving average at $113.72 as a potential target for the bears and noted that there is also a large unfilled gap at $96 from July 2020 that may be “in play for 2023.” Krinsky added that Apple’s relative strength has firmly broken below its June lows, causing some concern among analysts.