Apple Inc (AAPL) was reported to be nearing a deal with LG in regard to OLED screen supply, as the tech company strives to enrich its supply chain. At present, Samsung is Apples main OLED supplier.
Apple shares closed lower for the fourth time in the past six trading sessions on Monday. The stock edged down 0.36% ($0.52) to $143.50, after touching an intraday low at $143.10, or a price level not seen since June 29th ($142.28). In the week ended on July 2nd the shares of the technological company lost 1.54% of their market value compared to a week ago, which marked the third drop in the past six weeks, but yet, the smallest one since the week ended on April 9th. The stock retreated 5.72% in June, which has been the steepest monthly drop since April 2016. For the entire past year, Apple Inc’s shares gained 10.03%.
According to Seeking Alpha, an amount between $1.75 billion and $2.62 billion is to be invested by Apple in LG’s new OLED production lines, so that the latter could provide technology exclusively for iPhone displays.
Known as E6, the new factory is expected to become operational in 2019.
In June, LG revealed plans to invest as much as $3.5 billion in OLED production, while it is now likely that a considerable part of that amount could be provided by Apple.
According to CNN Money, the 39 analysts, offering 12-month forecasts regarding Apple Inc’s stock price, have a median target of $165.00, with a high estimate of $202.00 and a low estimate of $120.00. The median estimate is a 14.98% surge compared to the closing price of $143.50 on July 3rd.
The same media also reported that 27 out of 43 surveyed investment analysts had rated Apple Inc’s stock as “Buy”, while 11 – as “Hold”. On the other hand, 1 analyst had recommended selling the stock.
Weekly Pivot Levels
By using the traditional method of calculation, the weekly levels of importance for Apple Inc (AAPL) are presented as follows:
Central Pivot Point – $144.86
R1 – $147.44
R2 – $150.86
R3 – $153.44
R4 – $156.02
S1 – $141.44
S2 – $138.86
S3 – $135.44
S4 – $132.02
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