Apple Shares Are Tanking. Here Are Levels Traders Are Watching

Traders are eyeing Apple Inc. after its stock slid below a critical psychological threshold on Tuesday as shares entered a technical correction for the first time since August this month.

The shares, which failed to hold the $180 support level last week, traded for less than $170 at various points during Tuesday’s session. Breaking through that level and holding there could presage a pullback to its October low of $165.67, according to Todd Sohn, managing director of ETF and technical strategy at Strategas Securities.

“Apple is one of the most influential stocks so it may see a bounce from here in the short-run after being oversold,” Sohn said over the phone. “But traders may still look to fade it at $180 because its trend has deteriorated so much.”

Apple Traders Eye Technical Support Near $166

Shares of the Cupertino, California-based company have shed nearly 12% this year after closing at a record in December, erasing more than $300 billion in market value. That’s cost Apple its crown as the most valuable US company to Microsoft Corp., as some of its Big Tech peers like Nvidia Corp., Meta Platforms Inc. and Inc. keep rallying.