APPLE IS EXPECTED TO UNVEIL A STREAMING SERVICE; STOCK FALLS
Apple’s stock is currently trading at 189.40-lower by 0.86% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 0.44%. The stock has pared all of its gains after the opening bell.
The IPhone maker is holding a show time event at its campus in Cupertino, California, later today. The company is expected to announce new subscription services in the event as it seeks to find new areas of revenue growth to combat stalling iPhone sales.
The announcements are likely to include a streaming video service that includes original programming produced by Apple and bundles of streaming packages from current players like HBO and Starz. The company is also expected to revamp its News app to include a subscription to several major publications in one spot.
The iPhone maker will join a crowded field where rivals such as Amazon.com’s Prime Video and Netflix have spent heavily to capture viewer attention and dollars with award-winning series and films. The company’s entry into original entertainment signals a fundamental shift in its business.
On the technical front, the RSI is currently at 66.07% and suggests that the market can move in the downward direction. The current price is below the MA5. The current price is above the middle line of the Bollinger Bands but is heading downwards.
TRADE SUGGESTION- LIMIT SELL AT 189.95 TAKE PROFIT AT 187.45 STOP LOSS AT 191.20