Apple Stock News and Forecast: Can AAPL break out to record highs in this market?
- Apple trades calmly on Monday and closes barely unchanged.
- Tuesday sees risk assets get a boost from a reduction in Russia tensions.
- AAPL should gain as the dollar, gold and oil all go lower.
Apple (AAPL) traded barely unchanged on Monday and finished the session at $168.88 for a tiny gain of 0.14%. Volume was below recent averages as the market awaited clarity from geo-political events surrounding Russia. Tuesday sees some welcome clarity with reports of some Russian deployments returning to their bases from the Ukrainian border. Russian and German leaders are meeting today. Already equities in Europe are trading higher, and the dollar and gold are lower. Naturally, so too is oil. These are risk indicators and should see equities benefit on Tuesday, assuming the Russia-Ukraine news flow remains unchanged.
Apple Stock News
Benzinga picked up on a report from Wccftech.com on Monday detailing some Apple filings for new product launches. The rumoured product launch date is March 8. Specifications were released with the Eurasian Economic Database, according to the report. The event is rumoured to be on March 8 and will include new Apple products with much attention on the new iPhone SE3. Samsung also last week announced three new Galaxy phones and some tablets as it ramps up competition with Apple.
Apple Stock Forecast
The 100-day moving average at $161 worked as support in the recent leg lower, but for the strong bullish trend to continue we would not like to see another test of the level. Rather $167 should hold, paving the way for a test to record highs. Resistance at $176 is the interim to a record test.
Apple (AAPL) chart, daily
The quarter-hour chart gives us a better look at the short-term levels. $167 and above is where all the recent volume has taken place, hence why we want to see it hold. A break and a move to $157 is likely. Resistance at $176 is also clear. This is the short-term range pattern that can be played in the absence of any concrete geo-political or stock-specific developments.
Apple chart, 15-minute
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Author
Ivan Brian
FXStreet
Ivan Brian started his career with AIB Bank in corporate finance and then worked for seven years at Baxter. He started as a macro analyst before becoming Head of Research and then CFO.
