Apple Stock Price and Forecast: AAPL ends Friday nearly flat as Amazon steals the show
- Apple shares ended Friday with a small loss of 0.29%.
- AAPL takes a back seat to earnings volatility from Amazon and Facebook.
- Apple shares remain poised near all-time highs.
Apple (AAPL) took a back seat in the big tech earnings space last week as it had gotten out of the blocks a week earlier. Apple produced strong results that looked to have saved the equity market. When Google added to Apple's performance it looked like markets were set to turn around the bearish start to the year and push to new highs. However, things got a little wild as the week progressed. Facebook parent Meta Platforms (FB) collapsed after earnings in the largest market cap loss in US history. Investors quickly dumped tech stocks only to have to chase them back higher once Amazon-produced strong earnings. Amazon then produced the largest single-day market cap gain in history, according to Deutsche Bank. Basically, volatility was the theme of the week.
Apple Stock News
Rumors are flying around about Apple potentially bidding for Peloton (PTON). We do not quite get the symmetries or why Apple would be interested in the space. Yes, the Apple watch is also a fitness device, but Apple likes to design its own products from the bottom up with that sleek Apple feel and touch. We just don't see it, but we may be wrong.
Bloomberg reported late last week that Apple was planning on launching a low-cost version of the iPhone and iPad, according to sources. March 8 is the rumored launch date for the new products. CNBC reports the new iPad is an updated version of the iPad Air.
Apple Stock News
Support at $157 was strongly defended once Apple dropped strong earnings numbers. This remains the support and key pivot. A break will likely see AAPL down to $138. Resistance is at the all-time highs from here, but the move is losing power as evidenced by the still declining Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD).
Apple (AAPL) chart, daily
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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.
