Apple (AAPL) Stock News and Forecast: Why a run to all-time highs is now back on track

  • AAPL stock recovered from early losses on Thursday.
  • Apple stock closed at $143.24 for a loss of just under 1%.
  • AAPL still looking to make all-time highs above $145.

Apple stock followed the broad market roller coaster on Thursday with initial early losses being wiped out before some intraday profit-taking saw the stock shed some ground. Still, a solid performance given how negative things looked early on Thursday with the main indices down 2%. The strong run toward the record high looks to be back on track with markets on Friday making strong gains. US futures are pointing to gains of up to 1%. The strong run had seen Apple drift into overbought territory on the Relative Strength Index (RSI), and as of yet, this has not moved back to neutral. So some cause for concern. Given the strong run, with Thursday breaking the seven straight days of gains, it would not be too surprising or disappointing to see some profit-taking on Friday. This would also help the RSI move back to neutral.

Why was Apple down yesterday?

Thursday was a tough day for markets as finally fears over the Delta variant hit home. Apple had also risen for seven straight sessions. The RSI was overbought and treasury yields dumped, spooking investors who feared that economic growth was slowing. Added to all this were the Fed minutes showing tapering and rate hikes might be higher on the agenda than previously thought.

Apple key statistics

Market Cap $2.41 trillion
Enterprise Value $2.1 trillion
Price/Earnings (P/E) 32


Price/Sales 9
Gross Margin 0.4
Net Margin 0.23
EBITDA $100 billion
Average Wall Street rating and price target Buy $159

Three reasons why Apple can break all-time highs

1. Overall, global equities are back in bullish mode. European markets are up, and US futures are all up on Friday.

2. Apple is still holding above the 9-day moving average, and the trend remains strong.

3. AAPL stock is above the key $135-137 support zone. This is holding the bullish trend in place and is also where the 21-day moving average sits. This is an area of high volume and should act as strong support. A break here would turn the short-term trend negative. 

As mentioned, caution should be taken with the RSI being overbought.

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.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD pressured toward 1.17 on Evergrande crisis

EUR/USD is extending its losses, falling toward 1.17. The safe-haven dollar is in demand as the crisis around China's Evergrande deepens and a global slowdown is feared. Tensions toward the Fed decision and also Germany's elections are taking their toll too.


GBP/USD tumbles under 1.37, succumbing to dollar strength

GBP/USD is trading under 1.37, suffering from robust dollar demand. The financial woes of China's Evergrande threaten a drop in global demand. Soaring energy prices are also weighing on sentiment. The Fed and the BOE are eyed later this week.


XAU/USD remains vulnerable while below $1761

Gold price is making a minor recovery attempt from six-week lows of $1742 amid a retreat in the US Treasury yields, as the risk-off mood remains at full steam.

Gold News

Four reasons why XRP price will crash to $0.65

XRP price set up a swing high on August 15 and breached this local top to create a new one on September 6. However, the second attempt failed as the market experienced massive selling pressure the next day. 

Read more

Canadian Federal Elections: Not a very crucial vote

Markets are taking a hands-off approach to Monday’s Canadian Federal election between Prime Minister Justin Trudeau's Liberals and Erin O'Toole's Conservatives. 

Read more