Apple (AAPL.US) stock fell more than 1.0% after Nikkei news agency reported that the tech giant will reduce its planned production of the iPhone 12 mini for the first half of this year as part of a broader adjustment. Apple is cutting orders for all iPhones by around 20% compared to its plans in December, according to sources familiar with the matter, with the majority coming from the mini, its cheapest 5G-enabled phone. Late last year, Apple told suppliers to secure components and parts for up to 96 million handsets, however now the company is expecting to produce approximately 75 million units -- slightly higher than iPhone shipments in the same period last year.
Apple (AAPL.US) stock has been trading inside the descending channel since end of January. Recently price tested major support at $118.00, however sellers failed to uphold momentum and price moved higher. A break above the upper limit of the aforementioned channel could pave the way towards the $125.00 pts handle. On the other hand, should sellers manage to regain control and break below the aforementioned support and the 200 SMA ( red line), stock could extend declines towards next support at $104.27. Source: xStation5
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