Apple shares close lower on Friday, CEO Cook speaks in favor of more active trade relations with China

March 20, 2017 8:18 am

In a speech at a forum in Beijing on March 18th, Apple CEO Tim Cook supported globalization and noted that China should continue developing economic relations with foreign companies. Cook’s remarks came amid growing tension between the United States and China, as US President Trump’s statements in favor of protectionism heightened concerns over a trade conflict between the world’s first two largest economies.

Apple shares closed lower on Friday, while marking their second drop in the past six trading sessions. The stock went down 0.50% ($0.70) to $139.99, after touching an intraday low at $139.89, or a price level not seen since March 15th ($139.03). In the week ended on March 19th the shares of the technological company added 0.61% to their market value compared to a week ago, which marked the tenth gain in the past eleven weeks, but yet, the smallest one since the week ended on December 25th 2016. The stock has pared its advance to 2.19% so far during the current month, following a 12.89% surge in February. The latter has been a third consecutive monthly gain and also the best performance since July 2013. For the entire past year, Apple shares gained 10.03%.

“I think it’s important that China continues to open itself and widens the door if you will”, Tim Cook said at the China Development Forum, cited by Reuters. “The reality is countries that are closed, that isolate themselves, it’s not good for their people”, he added.

Last Friday the technology company unveiled plans to establish two new research and development centers in Shanghai and Suzhou. The tech giant has already said it intends to invest over CNY 3.5 billion ($508 million) in Chinese research and development.

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 – $140.09
R2 – $140.19
R3 (Range Resistance – Sell) – $140.30
R4 (Long Breakout) – $140.60
R5 (Breakout Target 1) – $140.96
R6 (Breakout Target 2) – $141.10

S1 – $139.89
S2 – $139.79
S3 (Range Support – Buy) – $139.68
S4 (Short Breakout) – $139.38
S5 (Breakout Target 1) – $139.02
S6 (Breakout Target 2) – $138.88

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

Central Pivot Point – $139.94
R1 – $141.05
R2 – $142.11
R3 – $143.22
R4 – $144.33

S1 – $138.88
S2 – $137.77
S3 – $136.71
S4 – $135.65

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