Apple Stock Price and Forecast: AAPL talks over battery supplies for EV stall-Reuters


  • Apple stock rises for six straight sessions.
  • AAPL shares are still short of all-time highs while Dow and S&P 500 crack records.
  • Yield rises are likely to slow tech advance on Friday.

Apple (AAPL) is on a steady move higher ahead of results next week. We have had solid earnings from big names already such as Tesla (TSLA) and Netflix (NFLX), but Apple is the biggest one of all and will be the highlight of the earnings season for many. In advance the shares have been climbing steadily of late, for the most part, tracking the move higher in the S&P 500 as it turned out the dip was transitory.

Inflation might not be so transitory though as yields keep on rising and the Nasdaq names do not like higher yields, so next week might be interesting. However, as things stand AAPL stock is in a strong healthy position trading above the short-term moving averages. It has moved over $10 higher now from the lows in early October. 

Apple 15 minute chart

We can see from our intraday chart above that Apple has been trending steadily higher but has run into some resistance around the $150 level. 

Apple key statistics

Market Cap $2.46 trillion
Enterprise Value $2.3 trillion
Price/Earnings (P/E) 29

Price/Book

39
Price/Sales 9
Gross Margin 41%
Net Margin 25%
EBITDA $112 billion
52 week low $107.32
52 week high $157.26
Average Wall Street rating and price target

Buy $168.89

 

Apple (AAPL) stock news

News breaking from a Reuters exclusive this morning is that talk between Apple, CATL and BYD in China over battery supplies for a potential electric vehicle have stalled after the companies refused to solely cater for the tech giant. The Reuters exclusive cites three sources. CATL is the world's leading maker of batteries for electric vehicles but has no US manufacturing site, which Apple was requesting. BYD does have a plant in Lancaster, California, but it would not build a new factory and have a team solely dedicated to Apple, according to the report. Panasonic is being considered as an alternative battery supplier. Apple BYD and Panasonic did not comment. CATL said in a statement to Reuters that it denied "the relevant information."

"We are evaluating the opportunity and possibility of manufacture localization in North America," the statement said, adding that it has a dedicated professional team exclusively for each customer.

Apple stock forecast

Apple staged a nice double bottom on October 4 and October 6 with a then higher low on October 13 confirming the setup. $150 is obviously the psychological resistance, and $151.42 is resistance from the retracement after the steep fall on September 10. We do have divergences from both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD). Bearish divergences are significant, so keep an eye on this one. With stock indices just making record highs on Thursday, there is also the potential of a double top in the indices, so also watch this space. Earnings on October 28 though will be key to future direction. Supply chain issues may feature, so that is likely to be key. Failure at $151.42 will confirm a new bearish trend, with below $138 the next target if so.

 

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 climbs above 1.1250 as investors eye coronavirus headlines

EUR/USD preserved its recovery momentum early Friday and rose above 1.1250 during the European trading hours. Markets are doubting the Fed's policy tightening prospects as the new coronavirus variant revives concerns over the economic recovery losing steam.

EUR/USD News

GBP/USD rebounds toward mid-1.3300s on broad dollar weakness

GBP/USD reversed its direction after dipping below 1.3300 earlier in the day and started to push higher toward 1.3350. The greenback is facing heavy selling pressure amid the sharp decline witnessed in the 10-year US Treasury bond yield.

GBP/USD News

Gold clings to strong gains above $1,800 as US T-bond yields plunge Premium

Gold staged a decisive rebound on Friday and reclaimed $1,800. The intense flight to safety is causing US Treasury bond yields to fall sharply and fueling XAU/USD's rally. Investors await news on vaccines' effectiveness against the new COVID variant.

Gold News

Cardano could tank to $1 if ADA fails to defend crucial support

Cardano price is currently hovering below a freshly shattered 6-hour demand zone, ranging from $1.68 to $1.79. This resulting crash could extend to the immediate and critical foothold at $1.40. 

Read more

Black Friday 2021 Discounts!

Do you want to take your trading skills to the next level? Now you have a chance of leaping forward at attractive introductory rates. For Black Friday, FXStreet is offering discounts of up to 50% on its upgraded Premium plans. 

Subscribe now!

Forex MAJORS

Cryptocurrencies

Signatures