China's iPhone Ban Shakes Market As Apple Struggles To Lift Stock Above The $200 Milestone
Portfolio Pulse from Zaheer Anwari
China is promoting the use of domestic devices over foreign ones, including Apple iPhones. Despite this, Apple Inc's stock (AAPL) remains strong, trading just 2.40% below its all-time high and having increased by 49% over the past year. The stock faces a psychological resistance at the $200 level, which it has struggled to maintain. The next critical support is at the daily 20 simple moving average of $293. After market close on December 20, AAPL closed at $194.83, down 1.05%.
December 21, 2023 | 4:47 pm
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Apple Inc. faces challenges in China as the country promotes domestic tech, but AAPL stock remains near all-time highs, with a 49% increase over the past year. It is currently facing resistance at the $200 level and support at the $293 SMA.
While China's move to favor domestic devices could pose a long-term challenge for Apple, the stock's current performance and proximity to all-time highs suggest that the market has not reacted negatively in the short term. The $200 level is a psychological barrier that may continue to play a role in the stock's performance, but the strong year-over-year growth indicates underlying confidence in the company's financial health.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80