Apple stock price was up in Friday’s pre-market session, rising by 1.7 percent to trade at $236. That brings the stock into within less than 1 percent of breaking the all-time-high price set two days ago. The stock price is boosted by news that the company’s latest product, the iPhone 16 has seen a 20 percent growth in sales in China.
Citing data from Counterpoint Research, media outlets reported on Friday that iPhone 16 Pro and iPhone 16 Pro Max models had seen a 44 percent rise in demand for the first three weeks after launch, compared to the same period in 2023. China is Apple’s third-largest market after the Americas and Europe, and accounted for about 14.7 percent of sales last quarter.
However, demand for older models declined during the same period, leading to an overall year-over-year reduction in sales by 2 percent. Apple (NASDAQ: AAPL) has also launched an upgraded version of its iPad mini, and traders will be keenly watching how the markets receive it. The iPhone 16 sales growth is a positive element in shaping Apple stock price ahead of its quarterly earnings release which is two weeks away.
On the downside, however, the simmering tension surrounding US-China trade war could spill over in the coming days. The elections are less than three weeks away, and the prospect of a Donald Trump presidency could bring downward pressure on AAPL price. Trump has stated his resolve to raise tarrifs substantially to protect American manufacturing, but such a move could almost certainly trigger retaliation from China, making Apple products more expensive.
Apple stock price pivots at 234.80, and the bullish momentum calls for further upside above that mark. With the buyers in control, the first resistance could come at 237.62, but an extended bullishness could break above that level to test 240.00.
Conversely, moving below 234.80 will favour the sellers to take control. In that case, initial support could come at 232.84. However, if the downward momentum strengthens, AAPL price could extend the downside to break the first support and test 231.00. Meanwhile, such a move would invalidate the upside narrative.
This post was last modified on Oct 18, 2024, 14:03 BST 14:03