Apple shares close lower on Monday, UBS cuts forecast on iPhone sales, full-year 2018 earnings

UBS was reported to have revised down its forecast on Apples iPhone unit sales growth for 2018 to 10% from 12% previously. The group, on the other hand, maintained a “Buy” rating and a $190 price target for the stock.

Apple shares closed lower for the first time in the past four trading sessions on Monday. The stock went down 0.50% ($0.88) to $174.09, after touching an intraday low at $173.50, or a price level not seen since November 22nd ($173.05).

In the week ended on November 26th the shares of the technological company added 2.83% to their market value compared to a week ago, which marked the fourth gain out of five weeks. It has also been the best performance since the week ended on November 5th.

However, due to yesterdays drop, the stock has pared its advance to 2.99% so far during the current month, following a 9.68% surge in October. The latter has been the third gain out of four months.

For the entire past year, the shares of the NASDAQ-listed company rose 10.03%. The stock has gained another 50.31% so far in 2017.

In a note to clients, UBS analyst Steven Milunovich said that a survey of 6 700 smart phone buyers in 5 countries had concluded buying intentions remained “flattish” in comparison with 2016. In his view, this suggests unit sales growth may turn out to be “more muted” than previously expected.

The UBS analyst also revised down his forecast on Apples full-year 2018 earnings per share to $11.50 from $11.65 previously.

According to CNN Money, the 32 analysts, offering 12-month forecasts regarding Apple Inc’s stock price, have a median target of $193.00, with a high estimate of $235.00 and a low estimate of $148.00. The median estimate is a 10.86% surge compared to the closing price of $174.09 on November 27th.

The same media also reported that 25 out of 37 surveyed investment analysts had rated Apple Inc’s stock as “Buy”, while 6 – 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 – $174.23
R2 – $174.37
R3 (Range Resistance – Sell) – $174.52
R4 (Long Breakout) – $174.94
R5 (Breakout Target 1) – $175.44
R6 (Breakout Target 2) – $175.65

S1 – $173.95
S2 – $173.81
S3 (Range Support – Buy) – $173.66
S4 (Short Breakout) – $173.24
S5 (Breakout Target 1) – $172.74
S6 (Breakout Target 2) – $172.53

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

Central Pivot Point – $173.34
R1 – $177.13
R2 – $179.28
R3 – $183.07
R4 – $186.85

S1 – $171.19
S2 – $167.40
S3 – $165.25
S4 – $163.09