What Happened
Globalstar has postponed its satellite launch that was scheduled for Saturday, citing undisclosed reasons for the delay. The news adds operational uncertainty to the satellite communications company, which has a notable supply relationship with Apple โ a key stock on the radar of Australian retail traders tracking US tech exposure.
Key Levels to Watch
For traders tracking broader tech exposure through the Nasdaq, the index is currently trading around the 19,200 level. Key support sits at 18,800 and 18,400, while resistance levels to watch are 19,500 and 20,000 โ the latter being a key psychological barrier. For Apple (AAPL), immediate support is around $212 and $208, with resistance at $220 and $225.
Technical Picture
The Nasdaq remains in a medium-term uptrend but has shown signs of consolidation near recent highs. The 50-day moving average sits near 18,900 and has been acting as a dynamic support level. RSI on the Nasdaq is hovering near 55 โ not yet overbought, suggesting there is still room to move higher if sentiment holds. Apple’s chart similarly shows a tightening range, with the stock trading below its recent peak of $237.
What Traders Are Watching
Traders will be monitoring whether the Globalstar delay signals broader supply chain or technical issues that could affect Apple’s satellite connectivity features โ a key selling point for recent iPhone models. A break below $212 on Apple could trigger short-term selling pressure. On the upside, a move back through $220 would likely restore bullish momentum. For the Nasdaq, holding above 18,800 remains critical for the broader tech bull case.
Bias
Neutral to slightly cautious on Apple and satellite-linked tech names in the short term. The launch delay introduces headline risk, but until there is clarity on timing and impact, the fundamental thesis for Apple remains intact. Traders should wait for confirmation before adjusting positions.
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