Could iPhone 7 Production Ramp Mark True Turnaround In Apple Stock? By Scalper1 | May 23, 2016 0 Comment Scalper1 News alt : http://feedproxy.google.com/~r/InternetTechnologyRss/~5/vmVA2p3iEm4/aapl052816_sd.mp4http://feedproxy.google.com/~r/InternetTechnologyRss/~5/vmVA2p3iEm4/aapl052816_sd.mp4 Loading the player… Apple ( AAPL ) rallied in the stock market today as reports signal the consumer tech giant’s iPhone production is on the rise. Taiwan’s Economic Daily said Apple told its iPhone 7 suppliers to produce 72 million to 78 million units this year, many more than the 65 million units Wall Street has projected. That production target is also the highest in about two years. The iPhone 7 is due out in September and could give Apple the boost it needs after the company reported its first-ever quarterly decline in iPhone sales last month. Shares closed up 1.3% in below-average volume, hitting their highest level in nearly a month. But the stock still has a lot of recovering to do after gapping down on its latest quarterly report, as it’s down about 27% from its 52-week high. Chip Suppliers Get A Boost Meanwhile, Apple chip suppliers Taiwan Semiconductor ( TSM ), Broadcom ( AVGO ), Qorvo ( QRVO ) and Skyworks Solutions ( SWKS ) are also getting a boost from the report. Taiwan Semiconductor rallied 1.5% in light turnover, but hit resistance at its 50-day line. Shares are trading 7% below their March high and a flat-base buy point of 26.72. Broadcom climbed 1% in below-average volume, but it’s also hitting resistance at the 50-day line. Broadcom’s stock is 7% below its April peak and a potential buy point. Qorvo rose 2% in big volume after having retaken its 50-day and 200-day moving averages in Friday’s session. The stock is nearing a cup-with-handle buy point of 52.05, but it’s trading 42% below its high reached last June. Skyworks added 1.9% in fast trade, but it’s still 41% below its June high. Scalper1 News Scalper1 News Related posts: Does iPhone 7 Production Ramp Mark True Turnaround In Apple Stock? What Do The New iPhone SE, iPad Pro Look Like? See Here Apple Stock Retakes Critical Level As Market Surges Why You Should Be Paying Attention To Apple’s Stock Chart