According to the latest research by Gartner, the global wearables market may see a 16.7% growth in 2017, supported by strong performance in the smart watch segment headed by Apple Inc (AAPL). Sales of smart watches are expected to account for $9.3 billion out of total wearable sales estimated at $30.5 billion during the current year.
Apple shares closed lower for the fifth time in the past seven trading sessions on Thursday. The stock went down 0.44% ($0.71) to $159.27, after touching an intraday low at $158.56, or a price level not seen since August 22nd ($158.02). In the week ended on August 20th the shares of the technological company added a mere 0.01% to their market value compared to a week ago, which marked a third consecutive period of gains. The stock has trimmed its advance to 7.09% so far during the current month, following a 3.27% surge in July. The latter has been the smallest monthly gain since October 2016. For the entire past year, the shares of the NYSE-listed company rose 10.03%. The stock has gained 37.52% so far in 2017.
41.5 million smart watches are expected to be sold in 2017, according to Gartner. In 2021 that number could reach 81 million units, which would account for 16% of the global wearables market.
Apple Inc had a share of over 30% of the smart watch market in 2016, but Gartner projects a decrease to 25% in 2021, with companies such as Samsung, Huawei and LG all bolstering their positions.
Apples Watch Series 3 is largely anticipated to be announced at a launch event in September.
According to CNN Money, the 36 analysts, offering 12-month forecasts regarding Apple Inc’s stock price, have a median target of $175.50, with a high estimate of $208.00 and a low estimate of $131.00. The median estimate is a 10.19% surge compared to the closing price of $159.27 on August 24th.
The same media also reported that 24 out of 41 surveyed investment analysts had rated Apple Inc’s stock as “Buy”, while 10 – as “Hold”. On the other hand, 1 analyst had recommended selling the stock.
Daily and Weekly Pivot Levels
With the help of the Camarilla calculation method, today’s levels of importance for the Apple stock are presented as follows:
R1 – $159.46
R2 – $159.66
R3 (Range Resistance – Sell) – $159.85
R4 (Long Breakout) – $160.43
R5 (Breakout Target 1) – $161.10
R6 (Breakout Target 2) – $161.38
S1 – $159.08
S2 – $158.89
S3 (Range Support – Buy) – $158.69
S4 (Short Breakout) – $158.12
S5 (Breakout Target 1) – $157.44
S6 (Breakout Target 2) – $157.16
By using the traditional method of calculation, the weekly levels of importance for Apple Inc (AAPL) are presented as follows:
Central Pivot Point – $158.91
R1 – $161.10
R2 – $164.70
R3 – $166.89
R4 – $169.08
S1 – $155.31
S2 – $153.12
S3 – $149.52
S4 – $145.92
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