- Apple stock recovers on Wednesday and ends in the green.
- AAPL stock started red but flipped to green, closing up 0.63%.
- EU regulators are prepared to charge Apple with uncompetitive practices.
Apple (AAPL) stock began the day negatively and looked set to continue recent losses, but the stock performed an afternoon switch when it moved into positive territory, and this move proved strong with Apple stock closing very close to the high of the session. We would usually take this as a positive sign that will continue likely into Thursday.
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Apple 15-minute chart
Also notable from yesterday is the close above resistance at $141.67. AAPL stock closed at $142. The stock still has work to do to persuade bulls that it is safe to reenter the stock, but certainly the bearish trend is now in question.
Apple key statistics
| Market Cap | $2.3 trillion |
| Enterprise Value | $2.3 trillion |
| Price/Earnings (P/E) | 28 |
|
Price/Book |
37 |
| Price/Sales | 9 |
| Gross Margin | 41% |
| Net Margin | 25% |
| EBITDA | $112 billion |
| 52 week low | $103.10 |
| 52 week high | $157.26 |
| Average Wall Street rating and price target |
Buy $166.7 |
Apple (AAPL) stock news
The move was even more impressive on Wednesday as it appeared some negative newsflow was coming out in relation to Apple stock. Reuters reported in an exclusive that "EU antitrust regulators are set to charge Apple with anti-competitive practices related to its NFC chip technology, people familiar with the matter said, a move that could force the iPhone maker to open up its mobile payment system to rivals." Apple has already been forced to open up its App store rules on payments following rulings from a US judge last month. That ruling meant Apple has to allow app developers to send users to outside payment systems if wanted. This was the so-called "Fortnite" case. The ruling though did not mean Apple had to allow app developers to use their own payment systems, and Apple is still allowed to collect commission on its own in-house app payments, according to Reuters.
Apple stock forecast
Apple stock has moved to try and get back into neutral territory, and breaking $141.67 on the close has more or less achieved that. Thursday needs to see some confirmation with a break of the 9-day moving average at $142.53. Breaking $147 will put bulls firmly back in control.
FXStreet View: Neutral, bullish above $147, bearish below $141.67.
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