Apple Shares A Sell As Decreasing Market Cap May See Portfolio Rebalancing
Jun, 22nd 10:38
Apple’s market capitalization has dropped by more than $200 billion in the last one year, and are forecast to fall deeper into the red as Apple’s weighting in the Russell 1000 index could be reduced to 2.52% from 2.77%. This possibility has dragged down Apple shares by nearly 1.3% since Friday (17/6) as portfolio managers and investors rebalance their holdings based on anticipated changes in weighting. Yet, the stock pared some of its losses on Tuesday (21/6), after Fed chair Janet Yellen expressed her optimism about the economy and played down the risk of recession. Technology shares including Apple saw strong gains,. However, on the hourly chart, RSI (14) has ticked down to 45.5746, indicating that the bearish trend is still dominant. A sell position at this time is highly encouraged.
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