Apple Inc.'s stock is on track to open Wednesday with a bearish "death cross" pattern hanging over it for the first time since December 2012. The 50-day moving average is set to open at $121.2497 on Tuesday, according to FactSet, crossing below the 200-day moving average, which is at $121.5105. Many chart watchers view a "death cross" as marking the point where a short-term decline turns into a long-term downtrend. Apple's stock has lost 22% since closing at its Feb. 23 record of $133 through Tuesday's close. It was rising 2.2% in premarket trade Wednesday. Some might view the current death cross as especially poignant, because the 200-day moving average is moving lower when it occurred. When the last "death cross" appeared on Dec. 7, 2012, the 200-day moving average was still ticking higher. The last time it appeared as the 200-day was declining was Sept. 23, 2008, when the stock closed at $18.12 on a split-adjusted basis. The stock didn't bottom until Jan. 20, 2009 at $11.17, a decline of 38%.
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