Apple in Trouble: Shares Fall More Than 3.5%

<img src="https://images.unsplash.com/photo-1579693409321-1be2df1ab130?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wxMTc3M3wwfDF8c2VhcmNofDJ8fGFwcGxlJTIwaW5jfGVufDB8fHx8MTY5NDA4NTE5MHww&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=2000" alt="Apple in Trouble: Shares Fall More Than 3.5%" /><p>As a result of yesterday&apos;s trading, AAPL shares fell more than 3.5%.</p><p>The reason is in the news that came from China:<br>→ According to the WSJ, Chinese central government officials have been ordered not to use iPhones or bring them to the office. Apple&apos;s business is very vulnerable to tensions between China and the US, as most of the US company&apos;s products are made in China.<br>→ Chinese Huawei has developed a new high-speed phone that can become a serious competitor to the iPhone. The first batch of the phone, the Mate 60 Pro, priced at USD 960 on a limited pre-order basis, sold out in a matter of hours, causing a sensation on Chinese social media.</p><p>With the SHS pattern in the background, AAPL shares are technically weak:<br>→ the price has tested the bearish gap formed at the beginning of August;<br>→ USD 188/share AAPL, which acted as support in July, now appears to be resisting;<br>→ after the August reversal from the lower border of the channel (shown in blue), the bulls failed to return to the upper half of the channel.</p><figure><img src="https://fxopen.com/blog/en/content/images/2023/09/73.png" alt="Apple in Trouble: Shares Fall More Than 3.5%" loading="lazy" width="2000" height="1099" srcset="https://fxopen.com/blog/en/content/images/size/w600/2023/09/73.png 600w, https://fxopen.com/blog/en/content/images/size/w1000/2023/09/73.png 1000w, https://fxopen.com/blog/en/content/images/size/w1600/2023/09/73.png 1600w, https://fxopen.com/blog/en/content/images/size/w2400/2023/09/73.png 2400w" sizes="(min-width: 720px) 720px" /></figure><p>Bulls can oppose a serious argument — the price is in an upward channel. And AAPL is one of the leaders in the NASDAQ Technology Index, which is rising on the AI-related boom.</p><p>However, AAPL&apos;s share price continued to decline in premarket trading, dropping below the USD 180 level, and thus threatening a bearish breakdown of the rising channel in 2023. The nearest support is the level of 176.50, where earlier the price slowed down the fall or turned up.</p>