Apple shares close lower on Friday, tech company reported to be developing a dedicated AI chip

May 29, 2017 9:19 am

Apple Inc (AAPL) was reported to be focusing efforts on the development of a processor, also known as Apple Neural Engine, which would be dedicated particularly to AI-related tasks.

Apple shares closed lower for a third time in the past seven trading sessions on Friday. The stock edged down 0.17% ($0.26) to $153.61, with the intraday high and the intraday low being at $154.24 and $153.31 respectively. In the week ended on May 28th the shares of the technological company added 0.36% to their market value compared to a week ago, which marked the fifth gain in the past six weeks, but yet, the smallest one since the week ended on October 2nd 2016. The stock has pared its advance to 6.93% so far during the current month, following a mere 0.01% decrease in April. The latter has been the first monthly retreat since November 2016. For the entire past year, Apple Inc’s shares gained 10.03%.

Despite that Siri granted Apple an early advantage in voice-recognition, the tech giant has for some time been trying to catch up with companies such as Alphabet and Amazon in the area of artificial intelligence. Both companies have used a more aggressive approach in deploying AI-based solutions across their assortment of products.

An AI-based processor is considered as a key prerequisite for the integration of more enhanced capabilities into Apple’s devices.

”Two of the areas that Apple is betting its future on require AI”, Gene Munster, former Apple analyst and co-founder of venture capital firm Loup Ventures, said, cited by Bloomberg. ”At the core of augmented reality and self-driving cars is artificial intelligence.”

According to CNN Money, the 38 analysts, offering 12-month forecasts regarding Apple Inc’s stock price, have a median target of $161.00, with a high estimate of $202.00 and a low estimate of $120.00. The median estimate is a 4.81% surge compared to the closing price of $153.61 on May 26th.

The same media also reported that 29 out of 43 surveyed investment analysts had rated Apple Inc’s stock as “Buy”, while 9 – as “Hold”.

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 – $153.70
R2 – $153.78
R3 (Range Resistance – Sell) – $153.87
R4 (Long Breakout) – $154.12
R5 (Breakout Target 1) – $154.42
R6 (Breakout Target 2) – $154.54

S1 – $153.52
S2 – $153.44
S3 (Range Support – Buy) – $153.35
S4 (Short Breakout) – $153.10
S5 (Breakout Target 1) – $152.80
S6 (Breakout Target 2) – $152.68

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

Central Pivot Point – $153.73
R1 – $154.78
R2 – $155.96
R3 – $157.01
R4 – $158.07

S1 – $152.55
S2 – $151.50
S3 – $150.32
S4 – $149.15

Where to Trade

BinaryTribune is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action, Binary Options and Social Trading.

Related