APPLE DOWN ON FILING OF ADDITIONAL CHARGES BY QUALCOMM
Apple is currently trading at 220.43-lower by 0.25%. Earlier today before the market opens the stock was trading lower by 0.70%. The stock has recovered a little after the market open.
In recent news, Qualcomm has revealed charges against Apple for stealing “vast swaths” of its confidential information and trade secrets for the purpose of improving the performance of chipsets according to a filing with the Superior Court of California on Monday.
The new charges are part of a separate lawsuit filed in November 2017 which alleged that Apple was in violation of the agreement it signed with Qualcomm when it began to use Qualcomm’s chips in the iPhone. The agreement required Apple to allow Qualcomm to periodically ensure that the source code software and tools it was sharing with Apple as part of the agreement were being appropriately protected. Qualcomm said that it was being prevented from auditing Apple’s use of its source code and sued.
On the technical front, the RSI is currently at 53.62% and suggests that the market can move in the downward direction. The Current Price is below the middle line of the Bollinger bands and is heading downwards. The Current price is below the MA5.
Overall Bias is Negative and short-term trades can be initiated with tight Stop Loss and Profit targets.
TRADE SUGGESTION-LIMIT SELL AT 220.60 TAKE PROFIT AT 219.80 STOP LOSS AT 221.00