Apple Stock Price and Forecast: Why is Apple stock up today?
- Apple stock suffers steep losses on Monday.
- The new product slate is not helping AAPL stock price.
- Apple shares nearly at our support target.
Apple (AAPL) stock remains stuck in a strong downward spiral, which actually sped up on Monday. The stock traded in a very tight one-dollar range for much of the session as it opened low and just stayed that way. Apple stock closed down 2.46% at $139.14. The mainstream media once again put the blame for the latest stock market declines solely on the shoulders of rising yields, but in fact the US 10-year yield was remarkably stable on Monday and closed below 1.5%. Rather, sentiment has soured with big tech and Nasdaq names taking a disproportionate hit. The overall market remains within 5% of all-time highs, so some form of correction cannot be taken as too much of a surprise. Apple, as the big tech behemoth, will naturally draw much of the attention. Investors had been hoping that the latest suite of new product launches from AAPL would drive the stock on to new highs, but that has yet to play out.
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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
The new product launches continue with Apple announcing on Monday that the new Apple Watch, the Series 7, will be available to order on October 8 and will be available in retail stores from October 15. This follows on from the recent launch of the new iPhone, and a new iPad is also due to be launched shortly. Rumours of a strong set of pre-order numbers from Asia and China have been circulating in recent days, but we will have to wait and see on this. JPMorgan did come out on Monday saying that iPhone 13 demand was ahead of expectations, basing its assumption on lead times.
Apple (AAPL) stock forecast
The move on Monday was a strong one, and we had pointed out why this would happen and given traders prior warning over the past number of days. The volume profile dropped off sharply once Apple stock got through $141.67. Volume does not pick up again until near $136, but our buy zone remains a bit lower at $134. This is strong with the 200-day moving average and the yearly Volume Weighted Average Price (VWAP) down at that level. Even if it looks like strong support, please use stops.
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.
