As a loss making company APT is in reality a high beta proxy for the Nasdaq along with Zip and other BNPL stocks as they are the closest thing we have to tech stocks here.
When the Nasdaq moved to far away from its 234 simple Fibonacci moving average it reacted to the downside in February, if it had not been Covid it would have been something else.
It overstretched by approxiately 20 percent and accordingly the reaction was approximately 20% to the downside to March Lows resulting in roughly a 32.% fall.
Due to it's high beta nature APT fell about 80 % in the same period.
If the same scenario is to play out the Nasdaq at its recent highs was 35% about it's 234 SMA a resultant 35% to the downside would make new lows at 6000.
Equating to a 52% high to low fall
APT with its high beta could easily return to $8 or less
