Apple shares gain for a second session in a row on Wednesday, illegal student labor reported at company’s facility in China

November 23, 2017 9:25 am

A small number of students have been working overtime at Apple Inc’s facility in China, which violated domestic labor legislation, the tech giant said on Wednesday. The students worked by choice for over 11 hours per day as part of an internship program at a factory under the management of Hon Hai Precision Co Ltd. Being also known as Foxconn, the manufacturing company acknowledged that information.

Apple shares closed higher for a second consecutive trading session on Wednesday. The stock went up 1.05% ($1.82) to $174.96, after touching an intraday high at $175.00, or a price level not seen since November 10th ($175.38).

In the week ended on November 19th the shares of the technological company lost 2.59% of their market value compared to a week ago, which marked the first drop out of four weeks. It has also been the worst performance since the week ended on September 24th.

The stock has extended its advance to 3.50% so far during the current month, following a 9.68% surge in October. The latter has been the third gain out of four months.

For the entire past year, the shares of the NASDAQ-listed company rose 10.03%. The stock has gained another 51.06% so far in 2017.

The disclosure came at a moment when Apple Inc is seeking to meet demand for iPhone X, shipments of which began on November 3rd.

“We discovered instances of student interns working overtime at a supplier facility in China. We’ve confirmed the students worked voluntarily, were compensated and provided benefits, but they should not have been allowed to work overtime”, Apple Inc said in a statement, cited by Reuters.

Financial Times previously reported that six students, aged between 17 and 19, had been working overtime at the facility, as the internship was a mandatory requirement for their graduation.

According to CNN Money, the 32 analysts, offering 12-month forecasts regarding Apple Inc’s stock price, have a median target of $192.50, with a high estimate of $235.00 and a low estimate of $148.00. The median estimate is a 10.03% surge compared to the closing price of $174.96 on November 22nd.

The same media also reported that 26 out of 37 surveyed investment analysts had rated Apple Inc’s stock as “Buy”, while 5 – as “Hold”. On the other hand, 1 analyst had recommended selling the stock.

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 – $175.14
R2 – $175.32
R3 (Range Resistance – Sell) – $175.50
R4 (Long Breakout) – $176.03
R5 (Breakout Target 1) – $176.66
R6 (Breakout Target 2) – $176.93

S1 – $174.78
S2 – $174.60
S3 (Range Support – Buy) – $174.42
S4 (Short Breakout) – $173.89
S5 (Breakout Target 1) – $173.26
S6 (Breakout Target 2) – $172.99

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

Central Pivot Point – $171.09
R1 – $173.73
R2 – $177.30
R3 – $179.94
R4 – $182.57

S1 – $167.52
S2 – $164.88
S3 – $161.31
S4 – $157.73

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