AAPL stock has been on a very strong rally for the past couple of months, right after the company announced its stock split. However, the climb seems to be overdone, with MACD hinting at a possible correction.
In that case, AAPL stock could retreat to the moving average support levels or the Fibonacci retracement zones before resuming its climb. The tech company’s prospects have been very strong, and it’s likely that the uptrend will carry on.
AAPL Stock Forecast
Apple has hinted that it is ready to start production for its “phablet” next month, and it is rumored to take market share from mobile gadget competitors like Samsung. A Bloomberg article recently revealed that Apple is getting ready for its annual unveiling of new iPhones after rivals including Samsung Electronics Co. and HTC Corp. released smartphones with displays that are as large as 5.7 inches. Consumers have been gravitating toward larger-screen devices.
RSI is also showing signs of a selloff for AAPL stock, which could lead to a pullback to the 50 SMA around the $84.00 per share mark. A break below this level could mean the start of a downtrend, but there’s another potential support zone at the 200 SMA or the $77.00 per share mark. This is in line with an area of interest, as it has acted as resistance in the past.
A return of the uptrend could push prices back to the previous highs around $94.00 with the potential of moving higher after the keynote speech scheduled later on this year. During this time, new software and gadgets could be announced and might increase market demand for AAPL stock. Currently, Apple share prices are up by 12% for the year, given an additional boost when the company announced a stock split a few months back.
To contact the reporter of the story: Jonathan Millet at firstname.lastname@example.org