Apple still has 10% upside following its surge to record highs, one technical analyst says
- Shares of
Applestill have 10% upside potential after breaking out to record highs, according to Katie Stockton of Fairlead Strategies.
- Stockton derived a measured move price target of $168 after its breakout, and sees support around $150.
- September is often a busy month for Apple as it unveils its new slate of iPhone models.
- Sign up here for our daily newsletter, 10 Things Before the Opening Bell.
In a note on Wednesday, Stockton identified a measured-move price target of $168 for Apple, representing potential upside of 10% from Tuesday's close.
After decisively clearing the key $150 resistance level, Stockton sees support for Apple at that level going forward, according to the note. That level will likely serve as a better support level than the 50-day moving average, which currently sits near $145, Stockton said.
The strong move in shares of Apple has led Stockton to have an overweight bias towards the technology sector, "noting also that there is a bullish reversal in the S&P 600 Information Technology Index versus the S&P 500," the note said.
September is often a busy month for Apple, as it unveils its new slate of iPhone models at a highly-watched event. While the September invitations from Apple have not yet gone out, rumors are building as to what the iPhone 13 model line-up may offer. Potential features include a better camera, the elimination of the front screen notch, and satellite connectivity for emergency purposes.
Apple traded up as much as 2% on Wednesday, hitting a record high of $154.98. The stock is up 16% year-to-date.
- JPMorgan CEO Jamie Dimon told wealthy clients there's a chance the US is heading into 'something worse' than a recession, report says
- A 29-year-old woman found a mark on her head and was diagnosed with a fungal infection. It turned out to be invasive skin cancer.
- Here’s a list of stocks that can benefit from the festive season
- New Airtel and Reliance Jio prepaid plans compared
- Mobile accessories company Balaji Solutions files initial papers for public listing
- Ratan Tata launches Goodfellows which helps senior citizens make friends
- Rakesh Jhunjhunwala-backed Concord Biotech files for an IPO
- Ather 450X Gen 3 vs Ola S1 vs TVS iQube S – price, specs and features compared