Apple (AAPL) Stock Hits Record High
The Apple (AAPL) stock chart reveals:
Yesterdays closing price exceeded $242 for the first time in history.
The stock has risen nearly 30% since the start of 2024.
Over the past 30 days, it has gained approximately 9%.
Dan Ives, an analyst at Wedbush, commented that: "Wall Street is beginning to grasp that the iPhone 16 marks the start of a supercycle." According to his insights shared via Barrons:
Sales in China remain robust.
New AI-powered features in the iPhone 16 could drive over 90 million users to upgrade.
This could lead to a record-breaking year for iPhone sales and push Apples market capitalization to $4 trillion by 2025.
Ives has set a price target for AAPL at $300roughly 23% above current levels. But is now the right time to invest in AAPL stock?
Technical Analysis of AAPLs 4-Hour Chart:
The RSI indicator is in the overbought zone.
The price is near the upper boundary of an ascending channel (marked in blue), which formed after the company introduced Apple Intelligence in June.
This positioning suggests the stock may be vulnerable to a correction. If that occurs, the price could test the $236 level, which previously acted as resistance (as shown by arrows).
According to TipRanks:
23 out of 33 analysts recommend buying AAPL stock.
The average 12-month price target for AAPL is $243.
Read more: https://fxopen.com/blog/en/oa-apple-aapl-stock-hits-record-high/
Text source: Forex Trading Blog
