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Apple Inc. Corrective Trading Dynamics

3/1/2023 3:13 PM

The price of the stocks of the global giant in the field of development and sale of personal and tablet computers Apple Inc. continues to trade in a corrective trend, being around 147.00.

Despite the local victory in the confrontation with the antimonopoly regulator in the EU, the new Digital Markets Act (DMA) threatens the company with serious fines. So, earlier, the European Commission announced that it had narrowed down a number of cases against Apple Inc. to a claim about App Store rules prohibiting informing users about alternative shopping options. This means that the lawsuit concerning the mandatory use of the Apple Pay payment system in smartphones has been canceled. The management expressed satisfaction with the reduction of the list of claims and expressed the hope that the new DMA law will allow to come to compromises that will help avoid a possible fine of 10.0% of the company's global turnover in the EU.

Also, recent studies by The Wall Street Journal signal in favor of the issuer, according to them the demand for Apple Inc. smartphones in the world continues to grow, displacing models on the Android platform. Thus, according to a Gallup Korea Research Institute survey, about 52.0% of people aged 18 to 29 choose iPhone, which is significantly higher than 44.0% two years earlier. In addition, the survey shows that the indicator for Samsung in this age group fell to 44.0% from 45.0% earlier.       

On the daily chart, the price has left the limits of the global descending channel and is held above the support line at 147.00.

Technical indicators hold the buy signal, despite the local correction: the range of EMA fluctuations of the alligator indicator is still narrowing, fast EMAs are above the signal line, and the AO histogram forms descending bars, staying above the transition level.

Support levels: 142.00, 130.00. | Resistance levels: 151.00, 163.00.

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