Apple stock price is trading slightly lower in premarket trading after the company has deferred employees’ returns on an in-office basis until October at the earliest. The company’s decision comes on the back of a resurgence of coronavirus cases in many areas.
Investors are instead looking out for the expected September launch of the iPhone 14, which will feature the company’s foray into 5G technology.
Apple has also announced that it will not release any 4G-enabled devices from 2022, clearing the way for full 5G integration for all its models in 2022. Apple price is currently trading at 146.04 in premarket trading.
Technical Levels to Watch
Apple stock price is currently testing the support at 145.08. Below this level, additional support targets are found at 137.93, 135.94 and 131.95 (20 April and 3 May lows). A breakdown of this area opens the door towards a deeper correction, testing 139.97 (50% Fibonacci extension of the 21 September 2020 to 25 January 2021 price swing).
On the other hand, the bulls need to push the price above the 15 July high of 150.00 to form a higher high that indicates uptrend recovery. This move requires follow-up from a bounce on any of the support targets mentioned above, which must take out the resistance barrier at 147.46. Future targets could come in at 151.68 and 155.85, which are the 78.6% and 88.6% Fibonacci extension levels.