AAPL Stock Price and Forecast: Apple remains steady but slow, so where next?


  • Apple stock is quiet on Thursday as markets lower.
  • AAPL event day with new products has not spurred the stock higher.
  • The trend line support is working well, for now.

Apple stock remained steady but slow on Thursday as investors digested the latest product releases, which Apple launched on Wednesday. The new iPhone boasts an impressive battery upgrade, a better chip and camera features with 5G capability. A new iPad was also launched with a slightly larger, better quality screen with more edge to edge design. It also includes 5G capability and chip performance improvements. A new Apple Watch was also released. The new iPhone is the real attention-grabber though, and it is this which drives Apple's performance and also its reputation. The new iPhone will remain the same price as the previous model, making it quite the competitive offering given the improvements to the chip, camera, 5G and that big bump in battery life. JP Morgan estimates that there is potentially eight to nine hundred million iPhones two models or older, which will be looking to upgrade as these are 4G or less. This is an extremely large potential market for the new phone, and Apple is due to have data released from China tomorrow, according to CNBC, which will give some clues as to forward orders. Already there is talk from CNBC that JD.com is seeing orders well ahead of last year's iPhone 12. JPMorgan also mentions another important consideration and that is pricing. As the price is consistent and we are in an inflationary environment, the price is basically cheaper than the last iPhone. Adding in mobile phone carrier subsidies, and this iPhone represents possibly the best value over previous launches. The big selling point for upgrades is the battery life and, of course, 5G capability if you are on a 4G or older model. All iPhone models are to be available globally by September 24. 

Apple 15-minute chart

Apple key statistics

Market Cap $2.5 trillion
Enterprise Value $2.3 trillion
Price/Earnings (P/E) 29

Price/Book

38
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 stock forecast

Listening to the news flow makes one quite easily bullish, but when doing technical analysis it is important to forget the noise and focus on what the chart is telling us. In the case of Apple stock the chart is at a key short-term juncture as we can see from the trend line support. This is at $147. There is now some decent volume at this level, making the support even stronger, so this could provide an opportunity to buy the dip with a stop at $144.50. Breaking $144.50 is where things can get tricky as volume thins out. Volume thins out sharply below $141.67, so a break could accelerate. The next opportunity for buyers would in our view then be at $134 again with high volume and the 200-day moving average adding to the support zone. Apple is below the 9 and 21-day moving averages. The momentum oscillators are trending lower, so we remain neutral at current levels.

FXStreet View: Neutral currently, bullish above $155, bearish below $144.50.

FXStreet ideas: Buy zones at $147 and $134. Always use stops. Buy an out-of-the-money put for a one to two-week duration on a break of $144.50.

 

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