Apple Inc. (NASDAQ:AAPL) stock gains after Canaccord boosts target to $250
Shares of Apple Inc. AAPL, +0.32% are up 0.2% in premarket trading Tuesday after Canaccord Genuity analyst Michael Walkley upped his price target to $250 from $220. He wrote that his survey work indicates “resilient iPhone sales” even though the most recent iPhone models are close to a year old. He believes that Apple’s next line, which is expected to feature three new products, will “help drive a continued strong upgrade cycle to higher margin and higher ASP iPhones.”
ASP refers to the average selling price of devices. Walkley is also optimistic about what the iPhone sales traction means for Apple’s recurring revenue stream. “Steady iPhone sales to growing premium tier installed base supports strong long-term services revenue growth,” he wrote. Apple shares are up 39% over the past 12 months, while the Dow Jones Industrial Average DJIA, -0.05% has gained 18%.
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 207.36.
The projected upper bound is: 236.32.
The projected lower bound is: 222.14.
The projected closing price is: 229.23.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles. During the past 50 bars, there have been 31 white candles and 19 black candles for a net of 12 white candles.
A doji star occurred (where a doji gaps above or below the previous candle). This often signals a reversal with confirmation occurring on the next bar.
A long lower shadow occurred. This is typically a bullish signal (particularly when it occurs near a low price level, at a support level, or when the security is oversold).
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 85.2852. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 9 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 84.91. 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 16 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 148.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 8 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 3 period(s) ago.
Rex Takasugi – TD Profile
APPLE INC closed up 0.730 at 228.360. Volume was 5% above average (neutral) and Bollinger Bands were 28% wider than normal.
Open High Low Close Volume___
228.410 229.180 226.630 228.360 27,390,132
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 220.34 201.06 182.03
Volatility: 10 23 27
Volume: 27,261,822 24,863,468 30,129,422
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 is currently 25.5% above its 200-period moving average and is in an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. 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 37 periods. Our momentum oscillator is currently indicating that AAPL.O is currently in an overbought condition.