- Apple stock powers on to more all-time highs on Wednesday.
- AAPL shares breach and close above $175.
- Is $200 a conceivable year-end target for Apple stock?
Apple (AAPL) stock just continues to power on like a juggernaut. A powerful combination of momentum and fundamentals is pushing this one higher. Despite the market sell-off last week and earlier this week due to Omicron, Apple still found buyers. The stock has both defensive and offensive qualities. "Defensive" in terms of the huge cash pile it sits on and "offensive" in its entire business. The stock added another 2% on Wednesday, closing at $175.08. Apple is now up over 7% in just over a week, impressive when you consider the market background.
-637746476556294453.png)
Apple (AAPL) chart, 15-minute
Apple (AAPL) stock news
Apple was granted a motion to delay App Store changes that had been in the offing after the Epic Games ruling. Apple is appealing the so-called "Fortnite" issue as Epic Games is the creator of Fortnite. The ruling meant Apple would have to change some rules in order to allow links to outside payment systems. Because Apple is appealing the "Fortnite" ruling, it does not now have to make any App Store changes until that appeal decision. This likely means a multi-year-long reprieve for the App Store as the appeal will take time. A definite positive in our view. "Apple has demonstrated, at minimum, that its appeal raises serious questions on the merits of the district court’s determination," the 9th Circuit Court wrote on Wednesday-Reuters.
Separately, Apple has lost more engineers from its car project to startup companies in the space, according to a report from Bloomberg.
Apple (AAPL) stock forecast
No resistance is in sight, obviously, when AAPL at record highs. The pivot level for short-term support is $167. Here we have some volume from last week, and also it is a breakout level for the move this week. The 9-day moving average will also likely track to this level today. Below the medium-term pivot is at $157, so Apple remains bullish above there. The Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) remain bullish, and volume has been strong behind this recent rally, indicating its health.
AAPL 1-day chart
Like this article? Help us with some feedback by answering this survey:
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
Editors’ Picks
EUR/USD resumes slide below 1.0500
EUR/USD gained modest upward traction ahead of Wall Street's opening but resumed its slide afterwards. The pair is under pressure in the American session and poised to close the week with losses near its weekly low at 1.0452.
GBP/USD nears 1.2600 as the US Dollar regains its poise
Disappointing macroeconomic data releases from the UK put pressure on the British Pound, yet financial markets are all about the US Dollar ahead of the weekly close. Demand for the Greenback increased in the American session, pushing GBP/USD towards 1.2600.
Gold pierces $2,660, upside remains capped
Gold (XAU/USD) puts pressure on daily lows and trades below $2,660 on Friday’s early American session. The US Dollar (USD) reclaims its leadership ahead of the weekly close, helped by rising US Treasury yields.
Broadcom is the newest trillion-dollar company Premium
Broadcom (AVGO) stock surged more than 21% on Friday morning after management estimated on Thursday’s earnings call that the market for customized AI accelerators might reach $90 billion in fiscal year 2027.
Can markets keep conquering record highs?
Equity markets are charging to new record highs, with the S&P 500 up 28% year-to-date and the NASDAQ Composite crossing the key 20,000 mark, up 34% this year. The rally is underpinned by a potent mix of drivers.
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.