Apple stock fell 2.66% on September 29, closing at $329.40 and losing support at $333. The drop left shares 4.6% below the September 22 all-time high of $345.34.
The sell-off was Apple-specific. It posted the weakest session in the electronic technology sector, while chipmakers such as Broadcom and Micron closed higher.
Why Apple Stock Is Falling
CEO John Ternus plans to cut middle management and engineering program manager roles, according to a Bloomberg report. He may also scrap Apple’s fixed spring and fall launch calendar.
Meanwhile, Bank of America analyst Wamsi Mohan flagged Meta’s Muse AI agent as a threat. He warned Apple could keep device sales but lose shopping and referral activity. He still rates the stock a Buy.
Valuation adds pressure. Apple trades at 37.8 times trailing earnings, above its five-year median of 31. UBS holds a Neutral rating with a $296 target.
The pullback also erased more than half of the gains made since Ternus succeeded Tim Cook on September 1.
Fundamentals Still Back the Bull Case
Apple posted record June-quarter revenue of $109.4 billion, up 16% year-over-year. iPhone sales rose 22%.
An Evercore ISI survey of nearly 4,000 US consumers also pointed to strong iPhone 18 Pro demand. The foldable iPhone Duo ships in late October.
However, management guided gross margin down to between 47% and 48% on rising memory costs. Apple reports earnings on October 29.
Apple Stock Tests Trendline After Double Top
On the daily chart, Apple printed a double top. The first peak came near $344.57 on July 29, and the second at a record $345.34.
The stock has since lost the $333 zone, which may now act as resistance. Price is testing an ascending trendline that held repeatedly through August and September.
That trendline aligns with the 0.236 Fibonacci retracement at $328. A daily close below it could expose the 0.382 level near $315.
Deeper support sits at the 0.618 golden pocket near $300. That level also marks the double top neckline, so a break would confirm the pattern.
In that case, the measured move points toward $255, roughly 23% below the current price. Meanwhile, the RSI has dropped to about 50, with lower highs across both peaks.
Conversely, holding the trendline and reclaiming $333 could reopen a path toward the $345 record ahead of earnings.
Source: BeInCrypto