The Power of strong branding - APPLENow, the weekly chart shows Apple has fallen more than 30% from its peak and the selling pressure does not appear to dwindle towards the end of Year 2022.
I expect the price to fall between 120 - 128 support zone where I would be more inclined to go long at 120 price level. The current problems faced by Apple - labour shortage in China is a temporary one and I believe by next year, production lines should continue running strongly.
So, many people may be disappointed not receiving their latest order of IPhone latest model due to supply shortages but in the face of strong brand equity, it is unlikely these loyal customers will switch to other brands. In short, they are willing to wait for it. So the sale is not lost , just kicked down the drain, that's all.
Today is the last trading day of 2022 so like yesterday, we see a fairly strong rally across the US stocks in the US indices. I believe this might continue today as well..........