Apple Inc. (NASDAQ:AAPL) Shuttering All Stores in Italy Amid Coronavirus Outbreak
Apple (NASDAQ: AAPL) announced that it will temporarily close all 17 of its retail stores across Italy as the country grapples with the onslaught of the COVID-19 coronavirus outbreak. The company said the stores will remain closed “until further notice.”
“As we support the work to contain and manage the spread of COVID-19, our priority remains the health and safety of everyone in the communities we serve,” an Apple spokesperson said Wednesday. “With that in mind, our stores in Italy will be closed until further notice. We understand customers may need support from Apple during this challenging time, and we’ll ensure our online and phone support, as well as online store, remain open for customers.”
The statement went on to say that Apple will “closely monitor the situation” and looks forward to “reopening our stores as soon as possible.”
This marks the second such countrywide shuttering of Apple stores, following similar moves the company took in China early last month, in an effort to contain the spread of the disease. Since then, however, many of the Apple stores in the Middle Kingdom have reopened.
Over the weekend, the iPhone maker had canceled Apple sessions around the country and closed stores located in shopping centers, in compliance with a mandate from the Italian government. The tech giant had also reduced operating hours at other locations and restricted employee travel within the country.
As conditions in the country worsened, however, government officials instituted sweeping nationwide restrictions, essentially forcing Italy into lockdown. The measures are currently scheduled to remain in effect until April 3.
Overall, the bias in prices is: Downwards.
Note: this chart shows extraordinary price action to the downside.
The projected upper bound is: 301.00.
The projected lower bound is: 249.29.
The projected closing price is: 275.14.
A black body occurred (because prices closed lower than they opened).
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 30 white candles and 20 black candles for a net of 10 white candles.
A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
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 32.1662. This is not an overbought or oversold reading. The last signal was a sell 3 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 41.29. 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 7 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 -81. This is not a topping or bottoming area. The last signal was a buy 1 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 sell 33 period(s) ago.
Rex Takasugi – TD Profile
APPLE INC closed down -9.910 at 275.430. Volume was 86% above average (neutral) and Bollinger Bands were 123% wider than normal.
Open High Low Close Volume___
277.390 281.220 271.860 275.430 64,094,968
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 284.66 306.99 245.93
Volatility: 104 56 37
Volume: 71,742,656 41,641,944 30,080,134
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 12.0% above its 200-period moving average and is in an downward 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 bearish on AAPL.O and have had this outlook for the last 14 periods.
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