Apple Inc was reported to have filed a counter suit against Qualcomm Inc on Wednesday, in which it claimed that Qualcomm’s Snapdragon mobile phone chips violated its patents. Snapdragon chips are used in a wide range of Android devices.
Apple shares closed lower for a third consecutive trading session on Wednesday. It has also been the steepest daily loss since October 19th. The stock went down 2.07% ($3.59) to $169.48, after touching an intraday low at $167.19, or a price level not seen since November 2nd ($165.28).
In the week ended on November 26th the shares of the technological company added 2.83% to their market value compared to a week ago, which marked the fourth gain out of five weeks. It has also been the best performance since the week ended on November 5th.
However, due to the recent losing streak, the stock has pared its advance to 0.26% so far during the current month, following a 9.68% surge in October. The latter has been the third gain out of four months.
For the entire past year, the shares of the NASDAQ-listed company rose 10.03%. The stock has gained another 46.33% so far in 2017.
In its filing in US District Court in San Diego, Apple Inc said it had ownership rights of at least 8 battery life patents, which had been infringed on by Qualcomm.
According to Apples allegations, Qualcomm’s Snapdragon 800 and 820 processors, which are used in devices manufactured by Samsung Electronics as well as in Google’s Pixel phones, violate the above mentioned patents.
It was in July, when Qualcomm claimed that Apple had violated several patents related to battery life enhancement for mobile phones. In a response, Apple denied such allegations and said that Qualcomms patents were not valid.
According to CNN Money, the 32 analysts, offering 12-month forecasts regarding Apple Inc’s stock price, have a median target of $193.00, with a high estimate of $235.00 and a low estimate of $148.00. The median estimate is a 13.88% surge compared to the closing price of $169.48 on November 29th.
The same media also reported that 25 out of 37 surveyed investment analysts had rated Apple Inc’s stock as “Buy”, while 6 – 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 – $170.00
R2 – $170.53
R3 (Range Resistance – Sell) – $171.05
R4 (Long Breakout) – $172.63
R5 (Breakout Target 1) – $174.46
R6 (Breakout Target 2) – $175.28
S1 – $168.96
S2 – $168.43
S3 (Range Support – Buy) – $167.91
S4 (Short Breakout) – $166.33
S5 (Breakout Target 1) – $164.50
S6 (Breakout Target 2) – $163.68
By using the traditional method of calculation, the weekly levels of importance for Apple Inc (AAPL) are presented as follows:
Central Pivot Point – $173.34
R1 – $177.13
R2 – $179.28
R3 – $183.07
R4 – $186.85
S1 – $171.19
S2 – $167.40
S3 – $165.25
S4 – $163.09
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