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Apple Inc.’s stock chart flashed its first ‘death cross’ in three years on Thursday, and history suggests investors should heed the warning of the bearish technical event,” Tomi Kilgore reports for MarketWatch.
“The technology giant’s stock dropped 2.5% to close Thursday at a 10-month low, to extend the bear-market selloff from the Oct. 3 record close of $232.07 to 32.4%,” Kilgore reports. “As a result, the 50-day moving average has declined to $194.002, to cross below the 200-day moving average, which slipped to $194.043.”
“The last death cross appeared on Aug. 26, 2015, when the stock closed at $109.69, or 17.5% below the Feb. 23, 2015, peak of $133.00,” Kilgore reports. “The stock shed another 17.6% before bottoming three months later, at $90.34 on May 12.”
“Apple’s death cross makes it unanimous for the so-called ‘FAANG’ technology darlings,” Kilgore reports. “Shares of Facebook Inc. produced a death cross on Sept. 20, 2018, Amazon.com Inc. produced one on Dec. 12; Netflix Inc.’s appeared Nov. 19 and a death cross flashed for Google parent Alphabet Inc. shares on Nov. 15.”
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