Apple stock is one of the best short term trading stock. The stock is setting up series of all time highs. As the company was planned to launch iPhone 8 next month. After the iPhone 8 launch, what will move the stock higher as the stock is completely reliant on iPhone? Let’s analyze the technicals of the stock.
Apple Stock Facts:
- Apple stock is the most valuable US listed company with market cap of $844 billion.
- iPhone is the significant earnings driver for the stock.
- Apple stock has a Beta value of 1.34.
- The current rally is driven by the news of the launch of iPhone 8 launch and it may last till the product launch.
- Apple’s non-iPhone sales haven’t moved higher for a couple of fiscal years.
Apple shares For short term:
Price knows much more about fundamentals of any company. As the stock raised 41% for the last one year there is no resistance for the stock on technicals front. For short term 164 is the minor hurdle for the stock. If the stock breaks that comfortably then $174 is the target. As the news is nearing one must ready for huge volatile moves in the apple stock. $162 is the strong support for the stock.
But one day before the iPhone 8 launch one must book their profits or losses. Because “sell on news” will emerge after the news. Once the iPhone 8 is seen and sold, investor attention will return to the rest of the business. And Don’t think the news there is quite good enough to keep the run in AAPL stock intact.
If the stock breaks the support $162 then the news was not received well. So the stock may fall immediately to the levels of $155 and try to fill the gap at $150. Don’t trade biased either bullish or bearish. Markets are dynamic So be dynamic while trading.