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Apple had slipped by more than 2.5% on fear of weak iPhone sales -

Dec, 27th 13:00

In U.S. equity markets, the most notable loser in Tuesday trading was Apple. Shares in the tech giant were down well over 2% for most of the day. The reason for the big drop is to do with a report of production cuts for the iPhoneX in the coming months. According to Taiwan’s Economic Daily, apple is cutting its calendar Q1 2018 sales forecast for the iPhoneX by 40% to 30 million units.

On the technical charts the market has managed to sustain above the 78.6% Fibonacci retracement level (from141.85 to 177.45). The RSI is placed below 50. The MACD is ready to make a negative crossover.

Trade suggestion:

Buy Put options between 169.43 and 167.90, valid until 22:00 GMT December 27, 2017