Price moves at the important level to determines the Buy or Sell
Trump Media & Technology Group, known as T Media Tech LLC, is the newest American media and technology company founded in February 2021 by former US President, Mr. Trump. And now, after almost a year, they are testing the app. It is also a year after that social giants forbade the US president from their platforms. And it was the main driver and incentive for the TMTG to lunch the platform for an “engaging and censorship-free experience” on the app, which Chief Executive Devin Nunes has said will launch by the end of March 2022. Lunching this app can be a real test for claiming freedom of expression by the world's media giants. Can this app co-exist with Apple's and Google's app store policies? TMTG did not reply to this comment, yet. And while launching that in apple is the big question, at least for testing it is available on TestFlight. TestFlight is the Apple-owned product that developers use before launching their apps in the App Store.
It is not the only headache and issue. As we know, there are two bills in the US judiciary Committee in Senate about the Big tech giants monopolizing, especially in the search engine and Online shops and it will affect the Apple store and stocks as well. Earlier this week, a group representing publishers such as News Corp and National Public Radio wrote to leaders of this committee supporting the bill against the tech giants. These mentioned bills were voted out of the committee in recent weeks and have also been approved by the House Judiciary Committee.
So, the mentioned news and data are not that much in favor of tech stocks and supporting the current downtrend in the charts. Apple stock's price as we can see in the bellow figure remains bearish. Bellow Daily chart confirms the price under the Main MA lines, and volume also moves under 20 DMA. $167 is the pivot point, and if we can see another daily candle to close under this level, bears will have more rooms to go forward. We should remember that increasing US bond yields also, can increase the pressures on tech stocks.
If mentioned bills are approved and become law, it will sharp and directly decrease the incomes of tech stocks. As we know one of the main incomes of these platforms comes from selling the data, which helps other platforms that used to show ads. Therefore, the Betta platform, Twitter, Amazon, Google, and other giants' stocks, all will be affected.
On the other hand, according to the Reuters poll, Taiwan's semiconductors export is increasing by 12% YoY raising orders. This data are important for apple as well since Taiwan is the world's biggest semiconductors provider and the heart of the supply chain for technology giants including Apple Inc. Therefore it can be good news for Apple investors and clients.
Conclusion:
Current market situation, news, and sentiment, none of them supporting the purchase offer. My conclusion is Holding the stock and waiting for a better price to buy, with more reliable signals.
