AAPL stock investors don’t seem to be too impressed by the company’s latest announcements, as the share price continued to move sideways this week. Price has been consolidating between $109-114.50/share and it looks like the iPhone 6S and iPhone 6S Plus weren’t enough to spur breakouts in either direction.
The 100 SMA is below the 200 SMA on the short-term time frames, suggesting further downside, possibly until the bottom of the range or the previous lows at $92/share. Stochastic is moving up but is near the overbought zone, which means that selling momentum could resume at some point, while RSI is on middle ground and supporting further consolidation.
A shallow bullish divergence can be seen, with AAPL stock forming higher highs and stochastic drawing lower highs. This supports the idea of seeing further declines for AAPL stock in the coming weeks.
AAPL Stock Outlook
Perhaps investors are still waiting to see how this new gadget offerings could affect the company’s sales and earnings figures moving into Thanksgiving and Christmas. These are typically the strongest months for the company, following new gadget announcements and the gift-giving season.
The new iPhone 6S and iPhone 6S Plus will be available for sale on Sept. 25. Some new models of the Apple Watch started shipping Wednesday, but are not expected to have a major impact on Apple’s current quarter, which concludes at the end of September.
The iPhone 6S models feature the 3D touch, which basically allows more touch gestures to make various commands or open apps. The company also unveiled a larger iPad with a stylus and a new Apple TV.
The downturn in China and the yuan’s devaluation is expected to pose a huge risk to Apple sales and the AAPL stock uptrend, as this would render the products more expensive in the Chinese market. In addition, weak consumer confidence could weigh on demand for these types of products since cheaper alternatives are available there.
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