Apple Inc. (NASDAQ:AAPL) shares haven’t been doing so well since late last month when the company released its latest earnings report. Some analysts have been predicting that the stock would remain range-bound for quite some time, and now one firm has put some specific numbers on those ranges. Analysts at OCBC Investment Research believe Apple could dip to $490 and might not go above $550 within the foreseeable future.

Apple Stock

Investors turning bearish on Apple?

Analyst Philip Teo says that the “key resistances” Apple Inc. (NASDAQ:AAPL) has been held between are still holding up. He believes the company’s stock could see even “further correction.” He notes that the stock hit a reversal at its 17-month downtrend resistance and couldn’t surpass the $550 mark over the last couple of trading session.

He also notes that the moving average convergence divergence has hit a top, which suggests that there could be even more downward momentum building up in Apple Inc. (NASDAQ:AAPL) stock. He places a “key base” at $490 in the coming weeks and suggests that the stock could fall further toward that level.

Billionaires have been bullish on Apple

So does mean the party’s over for Apple Inc. (NASDAQ:AAPL)? Billionaires were bullish on Apple in the last quarter, as charts from Fortune and data from iBillionaire indicates. iBillionaire started out as an iOS app and then became an exchange-traded fund which follows 30 stocks which are the top holdings of 21 billionaires.

Apple Inc. (NASDAQ:AAPL) was the firm’s top holding in the last quarter, making up 9.4% of its portfolio. Carl Icahn is one of the billionaires the firm follows in determining its holdings, and we know he has remained bullish on Apple into the current quarter. Of course we won’t know how many billionaires have kept their Apple stock into this quarter until the next set of 13F filings comes out in a few months.

Will investors flip on Apple now?

Unsurprisingly, the 13F filings from the most recently completed quarter also indicate that Apple Inc. (NASDAQ:AAPL) had the most increases among hedge funds during that quarter. The filings indicate that 1,010 funds purchased shares of Apple, and 847 sold it.

FactSet suggests that funds could be in the process of flipping on Apple Inc. (NASDAQ:AAPL) this quarter, perhaps because Icahn dropped his push to get the company to dramatically increase its share repurchasing.