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Apple’s stock is currently trading at 319.45- lower by 0.75% as compared to its previous close. In the pre-market trading session, the stock was trading lower by 0.32%. The stock has continued falling after the opening bell.
The iPhone-maker lowered the prices of its latest iPhones in China ahead of a major online shopping festival, as it seeks to extend the momentum it has enjoyed as the world’s second-largest economy gradually reopens the following coronavirus-induced lockdowns. On Alibaba-owned e-commerce site Tmall, the iPhone-maker has an official store. On Tmall, people can buy an iPhone 11 64GB model for 4,779 yuan down from its original price of 5,499 yuan. The iPhone 11 Pro is listed at 7,579 yuan versus the original price of 8,699 yuan.
In other news, a report published on Monday disclosed that the iPhone-maker is set to begin volume production of its forthcoming 6.1 inch iPhone models in July or August. The report also indicates that the company plans to launch four new iPhone models in three sizes this fall. Stocks of Apple have rallied about 9% Year-to-date.
On the technical front, the current price is above the MA5. The current price is above the middle line of the Bollinger Bands but is heading downwards. The RSI is currently at 64.27% and suggests that the market can move in the downward direction.
Overall Bias is Negative and short-term trades can be initiated with tight Stop Loss and Profit target.
TRADE SUGGESTION- LIMIT SELL AT 319.65 TAKE PROFIT AT 317.25 STOP LOSS AT 320.85