Apple Stock Price and Forecast: AAPL puts in new leg lower
- Apple closed up on Friday by less than 1% at $142.65.
- Apple stock (AAPL) put in a new low, breaking $141.67.
- Apple shares are set for more losses as bears remain in charge.
Apple (AAPL) stock did actually manage to close in the green on Friday as US indices rallied after a largely shaky week. However, bears would have been perfectly happy with the performance as Apple managed to break below $140 early in the session before rallying to close near the high of the day. This was in line with an afternoon rally for stock indices, likely some profit taking for shorts after a tough week overall for stock markets. Apple stock is not benefitting from the expected iPhone 13 release boost that many had hoped for, and historically new product launches have propelled the stock price higher. So far we have yet to see any follow through from some rumoured strong pre-advance orders for the iPhone 13. The weakness of the overall market has been the dominant theme and it will be hard for Apple to go against such a strong bearish tide.
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Apple 15-minute chart
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
There have been rumours and even pictures of the new Apple Watch circulating on social media in recent days, but these images have been taken down, so it is not clear how valid they are. It is widely expected that the new Apple Watch will be released sometime this fall, but no date has yet been confirmed from Apple. The new Apple Watch was announced at Apple's California streaming event.
Apple stock forecast
We are sticking with our bearish call on Apple and Friday has provided another catalyst in the argument with an early break of $140. This may have been rejected for the remainder of the session, but it left an ugly candle on Friday with a long bearish wick. This also took out the low from September 20 ensuring a lower low and so a continuation of the bearish trend. The target remains our support zone at $134. The volume profile gets quite thin below $140, so a move can accelerate once through. Breaking $144.50 would put Apple stock (AAPL) back into short-term neutral, but it is not until above $148 that we would start to turn bullish.
FXStreet View: Bearish, neutral above $144.50, bullish above $148.
FXStreet Ideas: Buy a dip to a strong support zone at $134. The 200-day moving average sits here as does the yearly Volume Weighted Average Price (VWAP), meaning it is a strong price and volume support zone.
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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.
