Apple Inc. (NASDAQ:AAPL) buybacks could be larger than the current Street estimates

Apple Inc. (NASDAQ:AAPL) buybacks could be larger than the current Street estimates

Apple Inc. (NASDAQ:AAPL) buybacks could be larger than the current Street estimates

Evercore raises its Apple (AAPL +0.5%) price target from $215 to $217.

The firm updates its June quarter model to reflect iPhone units that will likely remain muted, a strengthening commodity price tailwind, China-driven Services acceleration starting this quarter, and stabilizing China demand.

Evercore thinks Apple’s buybacks could be larger than the current Street estimates.

Apple is expected to report earnings on June 29. Consensus estimates have revenue at $53.38B with $2.10 EPS.

Apple has an Outperform average Sell Side rating.

Overall, the bias in prices is: Upwards.

Note: this chart shows extraordinary price action to the upside.

By the way, prices are vulnerable to a correction towards 193.52.

The projected upper bound is: 213.64.

The projected lower bound is: 192.77.

The projected closing price is: 203.20.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 27 white candles and 23 black candles for a net of 4 white candles.

A rising window occurred (where the top of the previous shadow is below the bottom of the current shadow). This usually implies a continuation of a bullish trend. There have been 7 rising windows in the last 50 candles–this makes the current rising window even more bullish.

Momentum Indicators

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 46.2768. This is not an overbought or oversold reading. The last signal was a sell 2 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 61.23. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 25 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 84. This is not a topping or bottoming area. The last signal was a sell 2 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 24 period(s) ago.

Rex Takasugi – TD Profile

APPLE INC closed up 1.990 at 203.230. Volume was 36% below average (neutral) and Bollinger Bands were 43% narrower than normal.

Open High Low Close Volume___
201.850 203.730 201.560 203.230 17,865,196

Technical Outlook
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish

Moving Averages: 10-period     50-period     200-period
Close: 201.49 193.71 187.97
Volatility: 23 34 40
Volume: 21,473,922 28,757,432 33,623,264

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary

APPLE INC gapped up today (bullish) on normal volume. Possibility of a Runaway Gap which usually signifies a continuation of the trend. Four types of price gaps exist – Common, Breakaway, Runaway, and Exhaustion. Gaps acts as support/resistance.
APPLE INC is currently 8.1% above its 200-period moving average and is in an upward trend. Volatility is low as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of AAPL.O at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on AAPL.O and have had this outlook for the last 18 periods.

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