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Apple shares fall despite big product announcement

26th March 2019 Off By binary
Apple shares fall despite big product announcement

Article by ForexTime

Apple shares tumbled nearly 2% on Monday despite the company unveiling a series of new services at its campus in Cupertino, California.

The technology giant announced a new streaming-television service, all-you-can-read magazine subscription, a physical credit card, and a gaming bundle. This development certainly suggests that Apple is transitioning from a hardware company to service-based– a move that is seen boosting growth potential. However, today’s negative reaction suggests that Apple shares are more concerned with other pressing matters. While the company’s stocks have the potential to push higher, upside gains remain capped by external factors.

Concerns over slowing global growth coupled with geopolitical risk factors continue to sour appetite for riskier assets. With risk aversion likely to remain a market theme amid the uncertainty, global equity markets are likely to continue feeling the heat with Apple falling into the category.

In regards to the technical picture, Apple shares remain in a bullish trend on the daily charts despite the drop witnessed today. However, a breakdown below the $184.73 higher low threatens the current uptrend with the next level of interest back at $180.00.

Disclaimer: The content in this article comprises personal opinions and should not be construed as containing personal and/or other investment advice and/or an offer of and/or solicitation for any transactions in financial instruments and/or a guarantee and/or prediction of future performance. ForexTime (FXTM), its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness, of any information or data made available and assume no liability as to any loss arising from any investment based on the same.


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