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Apple stock may witness a significant rise in the future after it confirmed its breach above the previous record level of $183, according to Fairlead Strategies.
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Stocks could jump 37% from current levels to $254 by the end of 2024.
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“The bullish trend (in Apple) is not showing any signs of reversing the trend yet,” said Fairlead Strategies.
apple The stock decisively confirmed its breakout to new highs on Friday, and that could pave the way for further upside into 2024, according to a note Friday from Fairlead Strategies.
The company highlighted that with Apple stock trading at $187 on Friday afternoon, the stock is poised to close above the previous resistance level of $183 for the second week in a row, confirming a decisive breakout.
This “long-term bullish development” generates a new price target of $254 per share for Apple, representing a potential upside of 37% from current levels. Rising to that level would give the iPhone maker a market valuation of about $4 trillion based on current outstanding shares of $15.79 billion.
“The breakout results in a measured move target of around $254 using the Covid/2020 corrective bottom as a reference point,” Katie Stockton, founder of Fairlead Strategies, told Insider on Friday. “Measured movement assumes that the uptrend that preceded the 2021-2022 trading range has resumed.”
Stockton set the end of 2024 as the timeframe for the technical price target to be reached, and indicated that the stock’s bullish trend appears poised to continue in the short term.
“The uptrend is not showing signs of a reversal yet. When a pullback develops, the initial support is at the bullish 20-day moving average…although a pullback does not seem imminent,” she said. The 20-day moving average for Apple stock is currently around $181 per share.
Apple stock is up 44% so far in 2023 and has led the bulk of the stocks Standard & Poor’s 500 Annual gains of about 14%. The company recently announced its first product in the AR/VR market, Apple Vision headset, which will It sells for $3,499 when it’s released early next year.
Apple’s current valuation is around $2.96 trillion, and it’s set to cross the $3 trillion threshold if the share price reaches $190.73, which is just over $3 away from current levels.
Read the original article at Business interested