Apple Inc. (NASDAQ:AAPL) anticipated to unveil two new offerings
This week, Apple (AAPL) is expected to continue its campaign to try and convince investors that its future is in services rather than hardware.
The tech giant is widely anticipated to unveil two new offerings at its Monday special event: a video streaming service and news subscription platform.
Apple’s public pivot to services began in earnest at the start of the year, after the company unexpectedly slashed its quarterly revenue forecast amid lower-than-anticipated iPhone sales. Since then, management has pushed its existing and upcoming offering of services – which comprised just13% of total revenue in the fiscal first quarter – as the future of the company amid lagging device sales.
Some of Apple’s current services include the App Store, iTunes, Apple Music and iCloud.
Over the past week, Apple unleashed a host of new versions of some of its existing hardware offerings, including upgraded AirPods, MacBooks and a new iPad Mini. Analysts speculate that this has left little for the company to unveil at its Cupertino, California event except for its new video and news platforms – both of which the company has been teasing for months.
The anticipated streaming launch would place Apple in an increasingly crowded field of video providers vying for consumer attention and wallet share. Some of its biggest competitors will be incumbents of the space including Netflix (NFLX), Amazon Prime Video (AMZN) and Hulu, as well as newer entrants including Disney (DIS) and NBC, which are each expected to launch their own services.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
By the way, prices are vulnerable to a correction towards 178.96.
The projected upper bound is: 199.65.
The projected lower bound is: 183.96.
The projected closing price is: 191.80.
A big black candle occurred. This is bearish, as prices closed significantly lower than they opened. If the candle appears when prices are “high,” it may be the first sign of a top. If it occurs when prices are confronting an overhead resistance area (e.g., a moving average, trendline, or price resistance level), the long black candle adds credibility to the resistance. Similarly, if the candle appears as prices break below a support area, the long black candle confirms the failure of the support area.
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 28 white candles and 22 black candles for a net of 6 white candles.
A dark cloud occurred (which indicates that prices moved up strongly on the previous bar, opened higher, but then closed significantly lower). This implies weakness as the momentum appears to be shifting from the bulls to the bears. Note that the lower the close of the black candle (relative to the white candle), the more bearish the dark cloud pattern.
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.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 71.6441. This is not an overbought or oversold reading. The last signal was a sell 0 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 70.16. This is where it usually tops. The RSI usually forms tops and bottoms before the underlying security. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 53 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 122.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 13 period(s) ago.
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 down -4.040 at 191.050. Volume was 14% above average (neutral) and Bollinger Bands were 6% narrower than normal.
Open High Low Close Volume___
195.340 197.690 190.780 191.050 42,407,664
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 186.02 170.13 190.66
Volatility: 31 30 38
Volume: 34,047,688 29,118,432 33,316,270
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.
APPLE INC is currently 0.2% above its 200-period moving average and is in an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. 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 39 periods. Our momentum oscillator is currently indicating that AAPL.O is currently in an overbought condition.
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