Today’s instrument is one of the tech giants, Apple Inc., whose stock is traded in Nasdaq under the ticker AAPL.
Looking at Apple’s chart, we can see it is in an uptrend and it was lastly traded at around $163.75.
Next week, it is announcing its quarterly earnings, and taking into account the other tech companies announced result, we could expect the market’s anticipation to be positive and therefore, it should rise towards the resistance level at around $167.50.
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Apple Inc. (AAPL) has experienced a roller coaster ride in 2020, climbing to only a few points below its all-time high of $167.50 in February, only to be badly thrown off course by the COVID-19 pandemic. The stock plummeted to a low of $132.53 in March and has since slowly climbed back up, closing at $152.15 on August 10th. Many have been wondering if AAPL will rise back towards the all-time high of $167.50.
Analysts have widely differing opinions on the future of AAPL’s stock price. Those who are bearish about the stock point to its sharp decline in the wake of COVID, suggesting that it was too reliant on consumer spending to maintain its record-setting prices. Moreover, there is some concern that the currently rocky US-China trade relations could put an abrupt end to Apple’s continued success.
On the other hand, bullishly-minded analysts believe that AAPL is set to resume its march to new highs. They cite the success of Apple’s new 5G iPhone as evidence that the company has not been heavily impacted by the pandemic, and they believe the stock will likely continue to benefit from the introduction of 5G and other new technologies over the coming year. Furthermore, they suggest that Apple’s strong and diverse revenue streams, such as subscription services and streaming, could prevent the stock from being significantly affected by the US-China trade war.
Ultimately, it is impossible to know for certain whether AAPL will reach its resistance level of $167.50. Much will depend on the course of the COVID-19 pandemic, the effectiveness of Apple’s new products and services, and the resolution of the US-China trade tensions. Investors should consider these factors carefully before making any investment decision.
