On Monday, May 24, Apple stock smashed 1.33% to $127.10 as the market closed, forming an Elliott wave theory pattern. The said wave pattern is a set of foretelling technical analyses based on repeating price motion.
Apple Inc.’s stocks already established a five-wave pattern while integrating to prompt a sharp uphill spike. An analyst said that if investors broke below $116.20, this pattern would be invalid, and it is a signal as a stop loss.
On the bright side, various projections can get traders up just south of $200 in the firm, and it is possible to happen over the next six to nine months.
As of this moment, Apple is a buy with a very specific risk which is only $10 from the recent market price, and investors can still climb to $60 and $70.
Even though the Treasury yields are rising and have placed pressure on the technology trade for the past weeks, that link may be decreasing.
Yields never vanished after their initial upward movement in March 2021, and they just moved sideways for two months.
Meanwhile, the company should divulge new operating systems for its devices, including Mac, iPad, Apple Watch, and Apple TV, at its yearly developers’ conference.
In addition, there are also rumors of a new iPhone coming up as well as a redesigned MacBook Pro. These events are showing a possible advantage for the firm’s stock. Also, its Q2 earnings astounded expectations as it had double-digit success across all its product classification. Lastly, it also has 30% of the 5G smartphone market, and it is continuously growing.
Other US Stocks Price
On Monday closed, US stocks entered a bullish market, including Apple Inc.
AT&T Inc. just fluctuated 0.88% to $29.75, which is a strong sell and having a bullish market sentiment of 74%.
Other than that, everyone’s stocks smashed like Alphabet Inc. Class A, which jumped 2.92% to $2.361.04, as well as Facebook spiking 2.66% to $324.63.
Same goes with NVIDIA, Citigroup, and 3M all boosted 4.14% to $624.48, 0.49% to $78.03, and 0.32% to $202.61, respectively.
In addition, BP Plc, Tesla, Inc., and Amazon.com, Inc., also rallied 1.89% to $27.02, 4.40% to $606.44, and 3.31% to $3,244.99, respectively.
All of these nine firms, including Apple but excluding AT&T, are all placed as strong buy stocks.