Apple Towards $175?
Apple (NASDAQ: AAPL): Analyst firm, Piper Sandler and Wolfe Research has set a positive price target between $135 to $175. The call was made ahead of the Apple event on 14 September.
The Technical Insights:
The price has pulled back from the high of 7 September and closed below the 50-DMA on Friday, potentially to retest the support around the 145 area.
If the support is able to arrest the descending move, a price rotation could potentially lift the price to retest its previous high of 157.26 towards the potential 175 price target. Alternatively, if a strong breach below the support, price could potentially revisit around the confluence area between 138 and 135 level.
Overall the current price action for Apple is still on an uptrend experiencing pressure from the main index. As of Friday, Apple performance is slightly above the S&P 500, with a YTD gain of +10.08%.
The Technical Insights:
The price has pulled back from the high of 7 September and closed below the 50-DMA on Friday, potentially to retest the support around the 145 area.
If the support is able to arrest the descending move, a price rotation could potentially lift the price to retest its previous high of 157.26 towards the potential 175 price target. Alternatively, if a strong breach below the support, price could potentially revisit around the confluence area between 138 and 135 level.
Overall the current price action for Apple is still on an uptrend experiencing pressure from the main index. As of Friday, Apple performance is slightly above the S&P 500, with a YTD gain of +10.08%.
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