Apple Inc. (NASDAQ:AAPL) reclaims $1 trillion market cap after analyst says stock poised to jump 20%

Apple Inc. (NASDAQ:AAPL) reclaims $1 trillion market cap after analyst says stock poised to jump 20%

Apple Inc. (NASDAQ:AAPL) reclaims $1 trillion market cap after analyst says stock poised to jump 20%

Apple Inc. shares surged Monday and pushed the company higher than $1 trillion in market value again, following a prediction that the stock will rise more than 20% on stronger-than-expected sales of new iPhone 11 models.

Apple’s stock AAPL, +2.35% increased 2.4% to $223.97 Monday to pace the Dow Jones Industrial Average’s DJIA, +0.36% gains, lifting Apple’s market cap to $1.012 trillion with the highest closing share price in nearly a year, since Oct. 9, 2018. The move came after a JPMorgan analyst raised his price target to $265 from $243 and forecast an uptick in 2019 and 2020 iPhone shipments in a Monday morning note.

When Apple reported fiscal third-quarter results in August, it revealed for the first time in nearly seven years that iPhone sales accounted for less than half of its quarterly revenue. Incremental updates to the company’s flagship product, coupled with stiffening competition from Samsung Electronics Co. Ltd. 005930, -0.41% and low-cost Chinese smartphone makers such as Huawei, led to a ho-hum reaction among consumers: Third-quarter iPhone sales were $25.99 billion, a 12% drop from the year-earlier total of $29.47 billion.

Apple’s Services division picked up the slack with 12.6% growth to a record $11.46 billion in the same quarter.

In recent days, the company has unleashed a TV advertising blitz for Apple TV+, a $4.99-per-month streaming service making a debut this fall that competes with Netflix Inc. NFLX, +1.73% , Walt Disney Co. DIS, +0.28% , AT&T Inc.’s T, +1.10% HBOMax, and others.

Technical Indicators

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 207.59.

The projected upper bound is: 235.61.

The projected lower bound is: 213.19.

The projected closing price is: 224.40.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 24 white candles and 26 black candles for a net of 2 black candles.

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 61.8329. This is not an overbought or oversold reading. The last signal was a buy 3 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 62.20. 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 82 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 124.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 11 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 sell 5 period(s) ago.

Rex Takasugi – TD Profile

APPLE INC closed up 5.150 at 223.970. Volume was 1% below average (neutral) and Bollinger Bands were 16% narrower than normal.

Open     High      Low     Close     Volume___
220.900 224.580 220.790 223.970 26,318,584
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period     50-period     200-period
Close: 220.23 210.80 189.60
Volatility: 21 34 36
Volume: 26,829,774 28,859,358 30,018,776

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 is currently 18.1% 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 moderate flows of volume into AAPL.O (mildly bullish). Our trend forecasting oscillators are currently bullish on AAPL.O and have had this outlook for the last 28 periods. The security price has set a new 14-period high while our momentum oscillator has not. This is a bearish divergence.

The following two tabs change content below.
HEFFX has become one of Asia’s leading financial services companies with interests in Publishing, Private Equity, Capital Markets, Mining, Retail, Transport and Agriculture that span every continent of the world. Our clearing partners have unprecedented experience in Equities, Options, Forex and Commodities brokering, banking, physical metals dealing, floor brokering and trading.

You must be logged in to post comments :  
CONNECT WITH