Apple shares gain for a second session in a row on Friday, company in negotiations over Shazam acquisition

According to a source with knowledge of the matter, Apple Inc (AAPL) is currently in negotiations regarding the possible acquisition of music identification software provider Shazam Entertainment Ltd. A report by TechCrunch revealed that the tech giant could pay $400 million for Shazam, while a deal might emerge as early as this week.

Apple shares closed higher for a second consecutive trading session on Friday. The stock inched up 0.03% ($0.05) to $169.37, with the intraday high and the intraday low being at $171.00 and $168.82 respectively.

In the week ended on December 10th the shares of the technological company lost 0.98% of their market value compared to a week ago, which marked a second consecutive period of decrease.

The stock has pared its loss to 1.44% so far during the current month, following a 1.66% surge in November. The latter has been a second consecutive monthly gain, but yet, the smallest one since October 2016.

For the entire past year, the shares of the NASDAQ-listed company rose 10.03%. The stock has gained another 46.24% so far in 2017.

Smart phone application provided by Shazam Entertainment Ltd has already been well integrated with the Siri digital assistant by Apple. iPhone users having Shazams app installed on their devices are able to use phrases such as “Hey Siri, what’s that song?” and the application will identify the track in question.

A potential acquisition by Apple would make it far easier for users to find tracks and place them in play lists by using Apples Music service.

In mid-2017 there were 27 million subscribers to Apple Music, which ranked it behind Spotify with a user base of 60 million.

According to CNN Money, the 34 analysts, offering 12-month forecasts regarding Apple Inc’s stock price, have a median target of $194.00, with a high estimate of $235.00 and a low estimate of $148.00. The median estimate is a 14.54% surge compared to the closing price of $169.37 on December 8th.

The same media also reported that 27 out of 39 surveyed investment analysts had rated Apple Inc’s stock as “Buy”, while 6 – 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 – $169.57
R2 – $169.77
R3 (Range Resistance – Sell) – $169.97
R4 (Long Breakout) – $170.57
R5 (Breakout Target 1) – $171.27
R6 (Breakout Target 2) – $171.56

S1 – $169.17
S2 – $168.97
S3 (Range Support – Buy) – $168.77
S4 (Short Breakout) – $168.17
S5 (Breakout Target 1) – $167.47
S6 (Breakout Target 2) – $167.18

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

Central Pivot Point – $169.48
R1 – $172.51
R2 – $175.64
R3 – $178.67
R4 – $181.69

S1 – $166.35
S2 – $163.32
S3 – $160.19
S4 – $157.05