Apple stock is set to move higher on Thursday after hitting fresh record highs yesterday as iPhone sales in China jumped more than 18% in December.
Apple stock climbed to record highs on Thursday as iPhone shipments in China jumped more than 18% in December.
The tech giant shipped around 3.2 million phones in China last month, according to Chinese government data and Barron’s calculations. That was an 18% rise on the previous year, according to Reuters.
Mobile phone shipments in China fell 6.2%, according to the China Academy of Information and Communications Technology, but Apple iPhones enjoyed a double digit rise.
Apple’s stock climbed 2.1% to $309.54 in early trading on Thursday.
The stock jumped 1.6% to a record close of $303.19 on Wednesday, hitting a peak of $304.44 along the way as the company reported that App Store customers spent $1.42 billion between Christmas Eve and New Year’s Eve. New Year’s Day saw a record single-day spend of $386 million. The data rounded off an impressive 2019 for the firm, which was also buoyed by strong fourth quarter results led by AirPods sales.
Wedbush analyst Daniel Ives said the China data added to its bullish thesis on Apple in 2020 and has a price target of $350 in the next twelve months.
Earlier this week Apple got a downgrade from Needham analyst Laura Martin, who cited the stock’s outperformance in 2019. Martin downgraded the stock to Buy from Strong Buy.
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 277.17.
The projected upper bound is: 319.81.
The projected lower bound is: 301.87.
The projected closing price is: 310.84.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 8 white candles and 2 black candles for a net of 6 white candles. During the past 50 bars, there have been 34 white candles and 16 black candles for a net of 18 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 6 rising windows in the last 50 candles–this makes the current rising window even more bullish.
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.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 88.8101. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 12 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 82.39. This is where it usually tops. The RSI usually forms tops and bottoms before the underlying security. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 29 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 154.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 12 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 17 period(s) ago.
Rex Takasugi – TD Profile
APPLE INC closed up 6.440 at 309.630. Volume was 58% above average (neutral) and Bollinger Bands were 73% wider than normal.
Open High Low Close Volume___
307.235 310.430 306.200 309.630 42,621,544
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 297.37 272.03 222.53
Volatility: 20 21 28
Volume: 32,501,472 27,064,102 27,070,466
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.
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 39.1% 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 98 periods. Our momentum oscillator is currently indicating that AAPL.O is currently in an overbought condition. The security price has set a new 14-period high while our momentum oscillator has not. This is a bearish divergence.
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