There are reports that:
- Apple is struggling to ship manufacturing equipment to India from China
- It moved subassembly lines back to China from India due to quality and cost concerns
- It is unable to use Chinese firms for production in India due to geopolitical tensions
Shares of Apple are trading down -0.37% in premarket trading at $203.85. Yesterday the price moved briefly above its 200 hour moving average, currently at $204.36. The 38.2% retracement of the move down from the December all-time high at $260.10 comes in and $203.93. The price is trading above and below that level in premarket trading. If the buyers are to take more control, they would need to get back above both the 30.2% retracement and the 200 hour moving average. Absent that and a rotation back down toward the 100 hour moving average at $194.95 cannot be ruled out.
This article was written by Greg Michalowski at www.forexlive.com.
