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As Tesla (NASDAQ:TSLA) stock selloff continues to dominate headlines (down 42% month-to-date), some analysts believe the bears may be turning their focus toward Apple (NASDAQ:AAPL).
Apple stock price hit a fresh year-to-date (YTD) low at $125.87 yesterday with the bears now looking to test the 2022 downtrend channel support in the low $120s.
Analysts at BTIG warn that Apple stock could be breaking down soon. They flag the 200 weekly moving average at $113.72 as the next potential target for bears.
“As we enter 2023, our sense is eyes will shift to Apple which is still flirting with its June lows around $129, but relative strength has firmly broken below its June lows,” they told clients in a note.
The analysts also see the potential for a bigger pullback in Apple stock, which is down 29% YTD.
“There is a very large unfilled gap at $96 from July 2020,” they wrote and added that both the 200 WMA and a gap may be “in play for 2023.”
On Tesla stock, the analysts added:
“The 100-105 zone looks to be a potential area of support. That doesn’t mean we get a big snap-back rally, but it should stop the bleeding.”
Apple stock price is up about 1% in pre-market Thursday.
