Apple reveals " iPhone X ", while the company's shares reacts negatively

Celebrating the 10th anniversary after producing the first iPhone, which formed a boom in the smart phone world, Tim Cook – CEO of Apple – stood at the new Steve Jobs theater and unveiled the company's latest smart phone, the iPhone X.

The iPhone X uses new system for face recognition to identify the device owner instead of the previous system that uses the fingerprint based system, while Apple revealed that the new Face-ID system can identify persons in the dark via using 30,000 IR dots, and it's hard to deceive the new system as it was in the previous Touch-ID system.

The iPhone X is a new breakthrough in the company's smartphone industry when it comes to the design of the screen, coming with a large 5.8" without edges, and the screen is very high resolution more than QHD quality, supporting the HDR, as it provides very high saturation colors and better viewing experience.

The new iPhone X comes with the new A11 processor that provides better battery consumption, besides 3GB RAM, giving faster and better performance compared to the previously iPhone generations.

The iPhone X resists water and dust with the IP67 standard, with steel in its manufacturing, coming in gray and silver colors, while it features 12-megapixel rear camera with high quality shooting accuracy, and a 7-megapixel front facing camera with high quality shooting accuracy as well.

Coming to the device price, the 64GB is for $999, and it will be available for sale on the 3rd of November, while the 256GB is for $1149, and before announcing the new iPhone X, iPhone 7 Plus was the Apple's highest phones' price at $969.

The company's shares price reacted negatively after unveiling the new device, losing its previous gains, closing the trading sessions at Wall Street at $160.86, down 0.4%, amid concerns of the company's sales' retreat due to the higher prices of the new products.

Apple shares price moves within long term bullish track, carried by the bullish trend line that appears on chart, supported by the EMA50 that provides continuous positive support, but we notice that the price recorded lower top compared to the recent top at 164.93, which urges caution from the upcoming trading, due to the possibility of falling under negative pressure and start a bearish correction on the short term basis.

On the other hand, there are technical patterns under construction now, as breaking 158.75 represents the confirmation factor to an intraday head and shoulders' pattern that will push the price to attack the long term bullish trend line at 153.75, which forms the support line of potential rising wedge pattern that will be completed in case the price succeeded to confirm breaking the mentioned level and hold with a daily close below it, to rally towards starting and bearish correction that its targets begin at 147.12 and extend to 136.10.

Therefore, we need to monitor the upcoming trading carefully, especially in case the price started to attack the key support levels that start at 158.75 followed by 153.75, noting that breaking these levels will push the price to suffer potential losses on the short term basis, while on the other hand rallying upwards to breach 164.93 will stop the current negative pressure and cancel the mentioned technical patterns to push the price to resume its main bullish trend on the long term basis.