Apple shares gain the most in two weeks on Tuesday, tech giant claims iPhone 6 battery fires in China result from external factors

The NASDAQ-listed technological giant, Apple Inc. (AAPL), claimed that the incidents involving iPhone 6 battery fires in China, which were featured in a detailed domestic consumer protection report, originated from external factors. According to the Shanghai Consumer Councils report, published last Friday, such issues were observed in eight iPhone 6 handsets. The latter were reported to have powered down prior to battery depletion.

Apple shares closed higher during Tuesdays trading session, while marking their best daily performance since November 21st. The stock added 0.77% ($0.84) to $109.95, neutralizing the loss from a day ago. Shares have inched up 0.04% so far during the current week, while being down 0.62% since the start of December. In the week ended on December 4th the tech giant lost 1.69% of its market value to mark its worst performance in five weeks.

Complaints in regard to Apple products in China surged and accounted for almost 50% of the year-to-date total of 2 763, the Shanghai Consumer Council stated. The figure represented an almost 200% increase compared to the number of complaints reported in 2015.

“The units weve analyzed so far have clearly shown that external physical damage happened to them which led to the thermal event”, a representative from Apple Inc. told Reuters yesterday, cited by the same media.

The Shanghai Councils report seemed to have triggered a cannonade of comments on social media over the past couple of days. Top-ranking comments revealed concerns that foreign producers could ask for high prices, while at the same time, not ensuring safety of their products.

Apple sales in China have dropped during the last three quarters, as the giant faces intense competition by domestic smartphone producers. The US company expects a rebound in Q1 2017, as users focus on Apples iPhone 7 and iPhone 7 Plus.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, todays levels of importance for the Apple Inc. stock are presented as follows:

R1 – $110.06
R2 – $110.16
R3 (Range Resistance – Sell) – $110.27
R4 (Long Breakout) – $110.59
R5 (Breakout Target 1) – $110.97
R6 (Breakout Target 2) – $111.13

S1 – $109.84
S2 – $109.74
S3 (Range Support – Buy) – $109.63
S4 (Short Breakout) – $109.31
S5 (Breakout Target 1) – $108.93
S6 (Breakout Target 2) – $108.77

By using the traditional method of calculation, the weekly levels of importance for Apple Inc. (AAPL) are presented as follows:

Central Pivot Point – $110.41
R1 – $111.96
R2 – $114.03
R3 – $115.58
R4 – $117.14

S1 – $108.34
S2 – $106.79
S3 – $104.72
S4 – $102.66