Apple shares fall the most in eleven weeks on Thursday as Mizuho note highlights risk to company’s third-quarter revenue guidance

Shares of Apple Inc (AAPL) retreated the most in eleven weeks on the NASDAQ on Thursday, after in a research note Mizuho analyst Abhey Lamba warned that the companys revenue guidance for the fiscal third quarter could miss the midpoint of consensus estimates due to soft demand for its iPhone X. On the other hand, Lamba projects that Apples results for the fiscal second quarter, which are scheduled to be reported on May 1st, to be in unison with guidance.

Apple shares closed lower for a second consecutive trading session on Thursday. It has also been the steepest daily loss since February 2nd. The stock went down 2.83% ($5.04) to $172.80, after touching an intraday low at $172.69, or a price level not seen since April 11th ($171.70).

In the week ended on April 15th the shares of the technological company added 3.77% to their market value compared to a week ago, which marked a third consecutive period of gains. It has also been the best performance since the week ended on February 18th.

However, due to the recent string of losses, the stock has pared its advance to 2.99% so far during the current month, following a 5.81% slump in March. The latter has been the largest monthly retreat since September 2017.

For the entire past year, the shares of the NASDAQ-listed tech company rose 46.11% following another 10.03% surge in 2016.

The analyst and his team expect “limited new features in upcoming product line-up, inhibiting differentiation in the high-end vs. current line-up”.

According to Lambas projection, Apples revenue for the fiscal Q3 may be within the range between $50.5 billion and $52.5 billion. That compares with a median analyst estimate of $52 billion.

The analyst also maintained a “Neutral” rating on the tech giants stock with a price target of $175, underscoring limited upside to full-year 2018 sales estimates.

According to CNN Money, the 32 analysts, offering 12-month forecasts regarding Apple Inc’s stock price, have a median target of $196.50, with a high estimate of $220.00 and a low estimate of $152.00. The median estimate is a 13.72% surge compared to the closing price of $172.80 on April 19th.

The same media also reported that 20 out of 39 surveyed investment analysts had rated Apple Inc’s stock as “Buy”, while 15 – 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 – $173.05
R2 – $173.30
R3 (Range Resistance – Sell) – $173.54
R4 (Long Breakout) – $174.29
R5 (Breakout Target 1) – $175.15
R6 (Breakout Target 2) – $175.50

S1 – $172.55
S2 – $172.31
S3 (Range Support – Buy) – $172.06
S4 (Short Breakout) – $171.32
S5 (Breakout Target 1) – $170.45
S6 (Breakout Target 2) – $170.10

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

Central Pivot Point – $173.47
R1 – $177.10
R2 – $179.47
R3 – $183.10
R4 – $186.73

S1 – $171.10
S2 – $167.47
S3 – $165.10
S4 – $162.73