- Apple (AAPL) shares have been rising steadily this past week.
- Apple stock makes more all-time highs on Friday.
- Apple is now very close to hitting $200 before year-end.
Apple stock pushed on again on Friday, this time nudging another 2.8% onto an already impressive suite of gains this past week. Apple made four new all-time highs last week and three all-time high closes. The stock added just under $20 to its share price in the last week and a similar performance this week will see it all the way to $200. However, it is now getting dangerously close to overbought on the relative strength index so some caution is warranted. The Santa rally is in play.
-637749940212589845.png)
Apple (AAPL) chart, 15 minute
Apple (AAPL) stock news
The 15-minute chart above shows the strong trend, with gains of just under 10% for the week. Apple is already looking higher in Monday's premarket with the stock at $181.35. While we called for the stock to hit $200 before year-end, Loup Ventures analyst Gene Munster now says his $200 target was too conservative. Certainly, the latest twist in the so-called Epic games case helped Apple shares. Apple won a reprieve from a US court so that it does not have to implement changes to its app store until after the appeal. An appeal could take several years to hear.
Apple (AAPL) stock forecast
We are still stuck with our $200 target before year end. Markets are obsessed with round numbers and this one is in sight now. Momentum remains strong, seasonality favors gains into year-end, the so-called Santa rally and Apple should see strong holiday sales. Network carriers are offering strong discounts for the latest iPhone and consumers have held off ordering until supply lines improved. Apple has done this by shifting components from iPad to higher demand iPhones. The semiconductor shortage is still a concern longer term for Apple. Technically the stock is close to 80 on the relative strength index which is overbought. A period of consolidation may be needed to correct this before year-end. Apple is also quite stretched from its 9-day moving average, again a sign of overbought conditions. However, with futures again pointing to gains and European markets strong we can see more gains in store. Fears of omicron may resurface that is the only short-term headwind we see.
Apple daily 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 stays near 1.0400 in thin holiday trading
EUR/USD trades with mild losses near 1.0400 on Tuesday. The expectation that the US Federal Reserve will deliver fewer rate cuts in 2025 provides some support for the US Dollar. Trading volumes are likely to remain low heading into the Christmas break.
GBP/USD struggles to find direction, holds steady near 1.2550
GBP/USD consolidates in a range at around 1.2550 on Tuesday after closing in negative territory on Monday. The US Dollar preserves its strength and makes it difficult for the pair to gain traction as trading conditions thin out on Christmas Eve.
Gold holds above $2,600, bulls non-committed on hawkish Fed outlook
Gold trades in a narrow channel above $2,600 on Tuesday, albeit lacking strong follow-through buying. Geopolitical tensions and trade war fears lend support to the safe-haven XAU/USD, while the Fed’s hawkish shift acts as a tailwind for the USD and caps the precious metal.
IRS says crypto staking should be taxed in response to lawsuit
In a filing on Monday, the US International Revenue Service stated that the rewards gotten from staking cryptocurrencies should be taxed, responding to a lawsuit from couple Joshua and Jessica Jarrett.
2025 outlook: What is next for developed economies and currencies?
As the door closes in 2024, and while the year feels like it has passed in the blink of an eye, a lot has happened. If I had to summarise it all in four words, it would be: ‘a year of surprises’.
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.