Apple Stock Price Skyrockets! iPhone 14 Is Said To Be The Rocket Propeller!
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- Apple stock soars as new iPhone 14 boosts demand for the stock.
- iPhone 14 sales are reportedly strong despite some critics.
- Apple stock now soaring to near all-time highs.
Apple (AAPL) stock began the week strongly when it dragged the main indices higher as the tech and overall market leader powered ahead by nearly 4%. By the close Apple reached $163.43, having briefly traded above $164 earlier on Tuesday.
Apple stock news
The stock was pushed higher on the back of a positive note from noted Apple analyst Dan Ives at Wedbush. We should also note he is largely bullish on Apple, which has been the consistently correct call. In a note, to the client, Ives said demand is solid and ahead of the iPhone 13. Also, customers appear to be going for the more expensive models – the iPhone Pro and Max models. Higher prices mean higher margins for Apple.
"We expect this heavy Pro/Pro Max mix to continue with China also a major sway factor as more consumers in this key region head to the Pro model," Ives added. This will come as welcome news as some people have been openly stating that the new iPhone 14 does not have enough features to differentiate it from the iPhone 13 and so sway customers to switch. Yahoo Entertainment reported on a cheeky meme from Steve Jobs's daughter Eve.
Apple stock forecast
Regular readers will notice from the lack of a disclaimer at the bottom of this page that I have cut my short position. I did this last week thankfully before the rally got going. My take is more a macro view than stock specific. I cannot see the equity market making new lows now, and this rally looks set up to continue. CPI should decline when it is released today. Oil and commodity prices are much lower. That will further fuel the Fed pivot and soft landing theory, and so equities should keep rallying. It will take a few months of CPI releases before people realize this is not going to drop enough for the Fed to pivot.
Apple has performed very nicely from a technical perspective of late. The strong summer rally saw a near-perfect 50% Fibonacci retracement before bouncing above the 50-day and now 200-day moving averages. The next target is now $171.40 to fill the gap. The bullish pivot is the 38.2% Fibonacci retracement and 50-day moving average at $158.32.
Apple stock daily
