Apple shares fall the most in three weeks on Tuesday, company appoints Michel Coulomb as new sales head in India

According to a report by Reuters, citing a person with knowledge of the matter, Michel Coulomb has been appointed as Apple Incs top sales executive in India, succeeding Sanjay Kaul. The new appointment comes at a time, when the tech company is seeking to expand its presence in the third largest smart phone market worldwide. At present, Apple holds a market share of less than 3% in India.

Apple shares closed lower for the third time in the past nine trading sessions on Tuesday. It has also been the steepest daily loss since November 29th. The stock went down 1.07% ($1.88) to $174.54, with the intraday high and the intraday low being at $175.37 and $174.10 respectively.

In the week ended on December 17th the shares of the technological company added 2.72% to their market value compared to a week ago, which marked the second gain out of five weeks.

However, due to yesterdays slump, the stock has pared its advance to 1.57% 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 50.70% so far in 2017.

An earlier report by the Economic Times newspaper on Tuesday revealed that Sanjay Kaul would leave Apple after six years of experience with the company.

At the same time, Michel Coulomb has been employed with Apple Inc since 2003 and most recently served as managing director of the companys South Asia operations.

According to regulatory filings, Apples sales in India grew 17% to $1.81 billion (116.19 billion rupees) during the fiscal year ending in March 2017, following a 50% growth in the preceding year.

Meanwhile, a Monday report by Reuters revealed that the cost of most of Apples iPhone models sold in India had been raised by 3.5% on average, following a tax raise on imported phones. The same media also said that an exception had been the low-cost iPhone SE model, which is assembled in Bengaluru via Apple Incs Taiwanese contract manufacturer Wistron.

According to CNN Money, the 33 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 10.58% surge compared to the closing price of $174.54 on December 19th.

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 – $174.66
R2 – $174.77
R3 (Range Resistance – Sell) – $174.89
R4 (Long Breakout) – $175.24
R5 (Breakout Target 1) – $175.65
R6 (Breakout Target 2) – $175.81

S1 – $174.42
S2 – $174.31
S3 (Range Support – Buy) – $174.19
S4 (Short Breakout) – $173.84
S5 (Breakout Target 1) – $173.43
S6 (Breakout Target 2) – $173.27

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

Central Pivot Point – $172.31
R1 – $175.83
R2 – $177.69
R3 – $181.21
R4 – $184.73

S1 – $170.45
S2 – $166.93
S3 – $165.07
S4 – $163.21