Apple's iPhone 12 first-day preorders twice that of last year’s iPhone 11

Number of iPhone 12 preorders are more than twice the level seen for the iPhone 11 last year, mostly thanks to high demand from China, according to top Apple analyst Ming-Chi Kuo of TF International securities. Within the first 24 hours customers preordered somewhere in the 1.7M to 2M range, compare to a 500k to 800k range for the iPhone 11. Kuo estimated that Apple has managed to sell 9 million iPhone 12 units over the first full weekend of preorders, down from the 12 million units of the iPhone 11 for the same period. The weakness was partly due to the iPhone 11 price cut to $599. It is worth remembering that at the moment only two of the four iPhone 12 models are yet available for pre-order. The iPhone 12 mini and iPhone 12 Pro Max pre-orders will be available from next month although demand for the mini might be lower due to the smaller screen and the fact that it doesn’t support dual SIMs, which are popular in Asia. However other models of iPhone 12 should sell well in China, which has a more robust 5G network in place than other countries. Also the demand for Huawei smartphones – a popular alternative to iPhones – has been hit by the US export ban, which means that they are no longer available with Android support and Google apps.

Apple (AAPL.US) - stock is trading lower today, near support at $118.00 which is additionally strengthened by 50 SMA (green line). If sellers manage to break below it, an downward impulse towards $104.27 could be launched. On the other hand, if buyers regain control, the resistance at $125.33 may be at risk. Source: xStation5

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