Apple shares retreat for a second session in a row on Monday, company expected to pay back tax in first quarter of 2018

According to a statement by Irelands finance minister on Monday, Apple Inc (AAPL) is expected to begin payment of EUR 13 billion in back taxes into an escrow account during the first quarter of 2018. The record amount resulted from unfair tax incentives, which the tech giant had received from Ireland, the European Commission said.

Apple shares closed lower for a second consecutive trading session on Monday. The stock went down 0.73% ($1.25) to $169.80, with the intraday high and the intraday low being at $172.59 and $169.65 respectively.

In the week ended on December 3rd the shares of the technological company lost 2.24% of their market value compared to a week ago, which marked the third drop out of ten weeks.

The stock has extended its loss to 1.19% so far during the current month, following a 1.66% surge in November. The latter has been a second consecutive monthly gain, but yet, the smallest one since October 2016.

For the entire past year, the shares of the NASDAQ-listed company rose 10.03%. The stock has gained another 46.61% so far in 2017.

Ireland is currently looking for an investment manager and a financial custodian, which will oversee the escrow account. Both will probably be appointed in January.

“We have now reached agreement with Apple in relation to the principles and operation of the escrow fund”, Irelands finance minister Paschal Donohoe said prior to a meeting with European Competition Commissioner Margrethe Vestager, cited by Reuters.

“We expect the money will begin to be transmitted into the account from Apple across the first quarter of next year”, the finance minister added.

According to CNN Money, the 34 analysts, offering 12-month forecasts regarding Apple Inc’s stock price, have a median target of $194.00, with a high estimate of $235.00 and a low estimate of $148.00. The median estimate is a 14.25% surge compared to the closing price of $169.80 on December 4th.

The same media also reported that 27 out of 39 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 – $170.07
R2 – $170.34
R3 (Range Resistance – Sell) – $170.61
R4 (Long Breakout) – $171.42
R5 (Breakout Target 1) – $172.36
R6 (Breakout Target 2) – $172.74

S1 – $169.53
S2 – $169.26
S3 (Range Support – Buy) – $168.99
S4 (Short Breakout) – $168.18
S5 (Breakout Target 1) – $167.24
S6 (Breakout Target 2) – $166.86

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

Central Pivot Point – $171.10
R1 – $175.03
R2 – $179.02
R3 – $182.95
R4 – $186.89

S1 – $167.11
S2 – $163.18
S3 – $159.19
S4 – $155.21