Apple shares close lower on Friday, Doug Field, previously engineering executive at Tesla, to return to tech giant

According to a report by Reuters on Friday, Doug Field is to return to Apple Inc (AAPL), after spending the past 5 years at Tesla Inc. Field served as senior vice president of engineering at Tesla and left the auto maker in July.

Apple shares closed lower for the second time in the past nine trading sessions on NASDAQ on Friday. The stock went down 0.65% ($1.35) to $207.53, after touching an intraday low at $206.67, or a price level not seen since August 8th ($204.52).

Shares of Apple Inc have surged 22.63% so far in 2018 compared with a 5.97% gain for the underlying index, S&P 500 (SPX).

In 2017, Apple’s stock gained 46.11%, thus, it again outperformed the S&P 500, which registered a 19.42% return.

Field is expected to work with Apple executive Bob Mansfield, the head of Apple Inc’s self-driving vehicle program known as Project Titan.

Teslas CEO Elon Musk said in a post on Twitter in April that he had asked Doug Field to oversee Teslas engineering and production processes, so that he could concentrate on production of the companys Model 3.

A month later, however, reports appeared in the media that Field was to depart from Tesla. At that time, the US company stated that Field was “just taking some time off to recharge and spend time with his family. He has not left Tesla.”

Then, in July, the electric car maker officially announced Fields departure from the company.

According to CNN Money, the 36 analysts, offering 12-month forecasts regarding Apple Inc’s stock price, have a median target of $214.50, with a high estimate of $235.00 and a low estimate of $170.00. The median estimate represents a 3.36% upside compared to the closing price of $207.53 on August 10th.

The same media also reported that 21 out of 41 surveyed investment analysts had rated Apple Inc’s stock as “Buy”, while 15 – 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 – $207.75
R2 – $207.98
R3 (Range Resistance – Sell) – $208.20
R4 (Long Breakout) – $208.87
R5 (Breakout Target 1) – $209.65
R6 (Breakout Target 2) – $209.97

S1 – $207.31
S2 – $207.08
S3 (Range Support – Buy) – $206.86
S4 (Short Breakout) – $206.19
S5 (Breakout Target 1) – $205.41
S6 (Breakout Target 2) – $205.09

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

Central Pivot Point – $207.28
R1 – $210.03
R2 – $212.54
R3 – $215.29
R4 – $218.05

S1 – $204.77
S2 – $202.02
S3 – $199.51
S4 – $197.01