Apple shares fall for a fourth session in a row on Monday, iPhone X pre-orders to exceed 50 million, analyst says

According to Ming-Chi Kuo, an analyst at KGI Securities, iPhone X pre-orders could exceed 50 million units, as the model represents the first complete form factor revamp since 2016.

Apple shares closed lower for a fourth consecutive trading session on Monday. The stock went down 0.88% ($1.34) to $150.55, after touching an intraday low at $149.50, or a price level not seen since August 1st ($148.41). In the week ended on September 24th the shares of the technological company lost 5.00% of their market value compared to a week ago, which marked the second drop in the past eight weeks and also the sharpest one since the week ended on May 1st 2016. The stock has extended its loss to 8.20% so far during the current month, following a 10.27% surge in August. The latter has been a second consecutive month of gains and also the best monthly performance since February. For the entire past year, the shares of the NASDAQ-listed company rose 10.03%. The stock has gained 29.98% so far in 2017.

The KGI analyst anticipates that iPhone Xs production could be increased in late October, but however, supply and demand for the device might not equalize until 2018.

Pre-orders for Apples iPhone X are to be initiated on October 27th. At the same time, the device is to be made available on November 3rd.

Meanwhile, according to a post by Seeking Alpha, citing the Korea Herald, Apples 2018 iPhone models could feature an LCD display larger than six inches and a panel supplied by Japan Display.

According to CNN Money, the 32 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 19.56% surge compared to the closing price of $150.55 on September 25th.

The same media also reported that 24 out of 37 surveyed investment analysts had rated Apple Inc’s stock as “Buy”, while 7 – as “Hold”. On the other hand, 1 analyst had recommended selling the stock.

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 – $150.76
R2 – $150.97
R3 (Range Resistance – Sell) – $151.19
R4 (Long Breakout) – $151.82
R5 (Breakout Target 1) – $152.56
R6 (Breakout Target 2) – $152.88

S1 – $150.34
S2 – $150.13
S3 (Range Support – Buy) – $149.91
S4 (Short Breakout) – $149.28
S5 (Breakout Target 1) – $148.54
S6 (Breakout Target 2) – $148.22

By using the traditional method of calculation, the weekly levels of importance for Apple Inc (AAPL) are presented as follows:

Central Pivot Point – $154.32
R1 – $158.07
R2 – $164.26
R3 – $168.01
R4 – $171.77

S1 – $148.13
S2 – $144.38
S3 – $138.19
S4 – $132.01