Home
News
- 1 Apple stock price closed at $178.18 with a gain of 0.35% during the last intraday trading session.
- 2 AAPL faces $200 Billion loss after China extends iPhone ban.
- 3 Apple is expected to debut its iPhone 15 line on Tuesday and introduce the biggest change in iPhone’s design in 11 years.
Apple (AAPL) stock has been in a strong uptrend since the start of 2023, forming higher lows and rising from $125. The stock price faced a strong retracement and rejection as it reached near the $200 level. AAPL stock price touched the $198.23 level and entered into a corrective phase.
Recently, Apple stock price formed a support at $172 and regained bullish momentum in order to retest the resistance level of $197. The bullish move was halted as the price reached near the major psychological level of $190.
AAPL stock price melted and formed a minor support near $175. The last candle closed as a bearish candle with a long upper wick, a rejection of $180. If the bulls take control and push the price above the high of the previous candle, Apple stock price might regain bullish momentum and retest $190.
On the other hand, if the stock price falls below $175, it might melt down toward the recent major support of $172.
China Extends iPhone’s Ban
Apple has incurred a loss of $200 Billion after the release of news regarding the ban on Apple’s iPhone in China. The interesting timing of China’s iPhone ban coincides with the launch of new flagship smartphones by Chinese manufacturer Huawei.
This move by China turned Apple stock into the worst-performing stock in the Dow Jones Industrial Average, according to CNN. China intends to expand its ban on iPhones to include government entities and corporations such as oil firm PetroChina, which employs millions of workers.
The notable drop signifies that investors are concerned that Apple will not be able to operate effectively in China, the world’s second-largest economy. One-fifth of its revenue came from China last year.
On 12 September, Apple is scheduled to debut its iPhone lineup at the company’s annual September Keynote event. Apple is expected to introduce USB-C type charging to its smartphones for the first time.
The move came after the European Union voted to approve legislation to require smartphones, tablets, digital cameras, portable speakers, and other small devices to support USB-C charging by 2024. The law intends to pare down the number of chargers and cables.
Will AAPL Stock Retest $190?
The stock price has melted below the 20, 50, and 100-day exponential moving averages, indicating a rise in bearish momentum. The relative strength index also plunged below the 50 mark and stands at 42.44, suggesting bearish momentum.
However, the Chaikin money flow (CMF) score still hovers above the 0 mark and currently stands at 0.15, implying strength left in the market.
Conclusion
The market structure and price action of Apple stock have turned bearish after the release of news regarding the ban on iPhones in China. AAPL stock is slowly showing signs of recovery.
Technical Levels
Major support: $172 and $164.50
Major resistance: $190 and $197
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
