Apple Stock Forecast: AAPL stabilizing but remains bullish and targeting record highs


  • Apple shares just down marginally on Wednesday.
  • The weekly chart shows a nice triangle breakout.
  • AAPL still far short of record highs, while other FAANG stocks aim for records.

Update 2: Just copy paste below really as AAPL remains virtually unchanged throughout the session but importantly consolidating the hard work of the last few sessions. The main thing from today is the continuation candle and all that was needed was for Apple shares not to go near yesterdays low. Mission duly accomploshied. 

Update: Steady she goes is the name of the game for Apple stock on Wednesday as the shares trade barely unchanged. However, the opening hour has already set up a continuation pattern with the daily candle already trading above yesterday's high. The triangle breakout remains in place and the next resistance at $135.51 targetted. 

AAPL shares are continuing to push higher as FAANG names and the Nasdaq lead the equity markets higher. Apple shares have struggled for momentum since releasing results in late April as the Nasdaq, in particular, suffered for most of May. Finally some buyers may be returning to AAPL stock as other big tech names break new highs, such as Facebook (FB), while Amazon (AMZN) sits just under its own record high, also set in late April. 

Apple shares traded up to $137 immediately after that earnings release in late April. Those results were pretty stellar coming in 40% higher than the average Wall Street analyst forecast. Apple also upped its buyback program as well as increasing its dividend. However, as mentioned, May was a tricky month for the Nasdaq, and Apple suffered as the month wore on, slipping to $122. June has been kinder to AAPL stock with the shares finally seeing some bid action and pushing steadily back to test key resistance levels, the next test coming at $137.

Apple key statistics

Market Cap $2.23 trillion
Enterprise Value $2.1 trillion
Price/Earnings (P/E) 29

Price/Book

34
Price/Sales 8
Gross Margin 40%
Net Margin 24%
EBITDA $100 billion
Average Wall Street rating and price target Buy $159

 

Apple stock forecast

The longer term weekly chart shows a nice triangle formation, which AAPL has just taken out. A strongly bullish move that sets up a push to new record highs. The first target is the triangle entry from said record high at $145.08. The ultimate target of a triangle breakout is the entry of the triangle, in this case just under $30, which gives an upside target of $162 from the breakout point.

The daily chart below gives a bit more detail and shows some interesting volume profile levels. Above $135 and in particular above $137 volume dries up enormously. Volume is a price buffer and acts to stabilize price. A lack of volume usually results in accelerated price moves as the instrument moves to find the next area of stabilization. Clearly then we can see how strong support was found at $122 with a lot of volume and the 200-day moving average. This helped stabilize the post-earnings slide and set up this current move higher. Breaking $137 should help accelerate the move and with autumn brging new product releases things could dovetail nicely between fundamental and technical catalysts.

 


Like this article? Help us with some feedback by answering this survey:

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

EUR/USD retreats toward 1.0850 despite weak US employment data

EUR/USD retreats toward 1.0850 despite weak US employment data

EUR/USD loses its traction and declines toward 1.0850 after testing 1.0900 earlier in the session. Because Nonfarm Payrolls data for October missed the market expectation by a wide margin due to hurricanes and strikes, the US Dollar manages to hold its ground.

EUR/USD News
GBP/USD climbs above 1.2950, looks to end week little changed

GBP/USD climbs above 1.2950, looks to end week little changed

GBP/USD benefits from the improving risk mood and trades in positive territory above 1.2950 in the American session on Friday as markets ignore the weak labor market data from the US. The pair remains on track to end the week flat.

GBP/USD News
Gold clings to small gains near $2,750 after US data

Gold clings to small gains near $2,750 after US data

Gold clings to marginal recovery gains and trades slightly above $2,750. The 10-year US Treasury bond yield struggles to push higher after the dismal October jobs report and weaker-than-expected PMI data from the US, helping XAU/USD keep it footing.

Gold News
Bitcoin Weekly Forecast: Run toward fresh all-time high hinges on US presidential election results

Bitcoin Weekly Forecast: Run toward fresh all-time high hinges on US presidential election results

Bitcoin could experience a price pullback in the next few days ahead of the US presidential election, analysts say, an event that will be key to determining whether and how the crypto class will be regulated in the years to come.

Read more
Bank of Japan holds rates steady amid signs of modest GDP growth

Bank of Japan holds rates steady amid signs of modest GDP growth

Monthly industrial production results have been mixed but generally indicate a modest recovery in third-quarter GDP. Clear guidance from the Bank of Japan remains elusive, with each upcoming meeting being pivotal.

Read more
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

Forex MAJORS

Cryptocurrencies

Signatures