AAPL stock is consolidating once more, as investors are trying to pick a clear direction for the share prices. The 100 SMA is still moving above the 200 SMA, indicating that the uptrend is intact for now. Meanwhile, stochastic is pointing up and suggesting that buying momentum could resume sooner or later.
In that case, an upside break from the current consolidation pattern could lead to a climb up to the previous highs near $94.00/share. On the other hand, a downside break could lead to a short-term selloff, possibly until the SMA support areas.
AAPL Stock Forecast
Anticipation is building for the introduction of the iPhone6 later this year, along with new operating software for Apple devices. Aside from these, the Apple smartwatch is also set to be launched and might boost AAPL stock if it exceeds expectations.
Rumors are that the smartwatch could have “multiple screen sizes” and includes “more than 10 sensors” capable of tracking fitness and wellbeing. Samsung and Google have previously announced versions of this device, although Apple typically generates more demand.
It remains to be seen though whether these latest offerings would be enough to sustain AAPL stock gains. Disappointments and a poor outlook for the tech company could lead to a stronger selloff, possibly until the next visible support area near $90.00. Take note though that the latest AAPL stock split might lead to more buying momentum, as this encouraged more traders to buy shares at cheaper prices.
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