JPMorgan Cuts Apple Inc. (NASDAQ:AAPL) Shipment Estimates By 4%

JPMorgan Cuts Apple Inc. (NASDAQ:AAPL) Shipment Estimates By 4%

Chatterjee cut his iPhone shipment estimates by 4% to 139.5 million units for the second to fourth calendar quarters.

“The worsening macro environment and its likely impact on consumer spending globally are driving us to trim our iPhone shipment estimates, which in effect modestly lowers the earnings outlook for the near-term, including fiscal 2019,” he said. Apple’s fiscal 2019 ends Sept. 28.

He expects a resolution on trade issues between the U.S. and China this year.

Apple could benefit from smartphone sales reductions at Chinese smartphone vendor Huawei, he said. The U.S. trade ban with Huawei has prevented that company from getting chips necessary to build its smartphones.

Chatterjee said investors underappreciate Apple’s growing services business. It has “considerable headroom for growth in services,” given its installed base of more than 1.4 billion devices.

Overall, the bias in prices is: Upwards.

The projected upper bound is: 203.85.

The projected lower bound is: 183.86.

The projected closing price is: 193.85.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles. During the past 50 bars, there have been 28 white candles and 22 black candles for a net of 6 white candles.

Momentum Indicators

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 60.0417. This is not an overbought or oversold reading. The last signal was a sell 1 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 57.71. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 9 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 71. This is not a topping or bottoming area. The last signal was a sell 1 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 8 period(s) ago.

Rex Takasugi – TD Profile

APPLE INC closed up 1.150 at 193.890. Volume was 48% below average (neutral) and Bollinger Bands were 19% wider than normal.

Open High Low Close Volume___
192.900 194.960 192.170 193.890 14,669,144

Technical Outlook
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish

Moving Averages: 10-period 50-period 200-period
Close: 189.99 194.32 189.77
Volatility: 24 33 40
Volume: 24,046,424 28,668,418 34,632,020

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary

APPLE INC is currently 2.2% above its 200-period moving average and is in an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. Our volume indicators reflect volume flowing into and out of AAPL.O at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on AAPL.O and have had this outlook for the last 2 periods.

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