The hefty price tag as well as the later-than-anticipated shipping date of Apples iPhone X raised certain concerns among market players on Wednesday.
Apple shares closed lower for a second consecutive trading session on Wednesday. The stock went down 0.75% ($1.21) to $159.65, after touching an intraday low at $157.94, or a price level not seen since August 21st ($155.11). In the week ended on September 10th the shares of the technological company lost 3.30% of their market value compared to a week ago, which marked the first drop in the past six weeks and also the worst performance since the week ended on June 18th. The stock has extended its loss to 2.65% so far during the current month, following a 10.27% surge in August. The latter has been a second consecutive monthly gain and also the largest one since February. For the entire past year, the shares of the NYSE-listed company rose 10.03%. The stock has gained 37.84% so far in 2017.
Priced at $999, the new iPhone X is due to be made available on November 3rd. The devices price tag brought about concerns among investors and analysts that its demand could be dented, including in key markets such as China.
“With the iPhone coming in around $1,000 it will be interesting to see how healthy demand is”, Mike Bell, global market strategist at JP Morgan Asset Management, was quoted as saying by Reuters. “If its relatively healthy I think it shows that there is still quite a lot of pricing power for U.S. companies and that consumers have confidence.”
According to CNN Money, the 31 analysts, offering 12-month forecasts regarding Apple Inc’s stock price, have a median target of $180.00, with a high estimate of $208.00 and a low estimate of $140.00. The median estimate is a 12.75% surge compared to the closing price of $159.65 on September 13th.
The same media also reported that 23 out of 36 surveyed investment analysts had rated Apple Inc’s stock as “Buy”, while 8 – as “Hold”.
Daily and Weekly Pivot Levels
With the help of the Camarilla calculation method, today’s levels of importance for the Apple stock are presented as follows:
R1 – $159.83
R2 – $160.01
R3 (Range Resistance – Sell) – $160.18
R4 (Long Breakout) – $160.72
R5 (Breakout Target 1) – $161.34
R6 (Breakout Target 2) – $161.61
S1 – $159.47
S2 – $159.29
S3 (Range Support – Buy) – $159.12
S4 (Short Breakout) – $158.58
S5 (Breakout Target 1) – $157.96
S6 (Breakout Target 2) – $157.69
By using the traditional method of calculation, the weekly levels of importance for Apple Inc (AAPL) are presented as follows:
Central Pivot Point – $160.47
R1 – $162.41
R2 – $166.19
R3 – $168.13
R4 – $170.07
S1 – $156.69
S2 – $154.75
S3 – $150.97
S4 – $147.19
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