Apple Stock Price Drops As Xiaomi Takes Apple’s Smartphone Sales Spot

Apple stock price has declined for the second day in a row after Chinese tech giant Xiaomi took over the second spot from Apple in terms of global smartphone shipments. 

Data from research firm Canalys indicates that Xiaomi was responsible for 17% of all smartphone shipments worldwide in Q2 2021, while Apple came in third at 14%. Samsung continues to top the list. Xiaomi’s rise came on the back of an 83% increase in global shipments for its smartphones. Comparatively, Xiaomi’s phones are cheaper than the iPhone, which drive its appeal in resource-deprived environments. 

Apple is scheduled to introduce 5G-enabled smartphones in September, with an additional 20% capacity ramp-up to cope with the expected demand for the product. Apple stock price is down 0.71% as of writing.

Technical Outlook for Apple

Apple stock price is testing the former resistance at 147.46, which now acts as support following the break of 14 July.

If this support holds, we could see a springboard move from here towards the 151.68 resistance, which is 78.6% Fibonacci extension level. Above this level, 155.85 forms an additional resistance barrier (88.6% Fibonacci extension level).

On the other hand, a breakdown of 147.46 allows Apple stock price to hit 145.08, with 139.97 and 137.93 forming additional targets to the south. 

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Apple: Daily Chart

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