Apple shares reached a new high last month after its share price dropped heavily in 2014. $AAPL has unarguably maintained a bullish trend over the years. In August, $AAPL reached $1 trillion in market value, the first company in the U.S. to achieve that. President Trump recently started a trade war with China, which doesn’t seem to end soon. The trade wars are caused by his new trade tariffs.
For investors who have enjoyed the sweet ride of $AAPL in the past few years, they might book some profits. There will be lesser patronage when tariffs on Apple products from China is increased. Apple shares was down 1.3% on Monday after the news reports. RSI shows $AAPL has been overbought and might drop its value a bit depending on the conclusion on the trade wars. There is also a breakout downward from the two trendlines A and B. As at the time of this writing, the share price of $AAPL was at 219.43. It might continue the downward movement even below 210. The RSI has shown that the price of $AAPL has been overbought for days but a correction has started due to market sentiment around trade wars. Though the Ichimoku shows an upward trend, price might continue the bearish movement because it broke out of the trendlines.
Source: Apple Shares Fall (CNBC.com)
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