Rich Ross, CMT, was featured in Bloomberg on Monday talking about the possible direction of Apple’s stock price.
“While Apple analysts see it transitioning to a business model based more on services than unit sales, there could be more pain ahead for the stock, which could dethrone it from the number-one spot in a more decisive fashion,” wrote reporter Ryan Vlastelica.
As illustrated in the chart above, Apple’s stock “has another 18 percent downside,” which could take the stock to $140, its 200-week moving average, adds Rich Ross. “It is not bullish when the biggest stock in the world is in ‘falling knife’ mode,” Rich is quoted as saying in a client memo.
Read the full article on Bloomberg: Who’s Most Valuable? Apple Is Still the Champ Over Microsoft.