Don’t be fooled by the lackluster iPhone event held Tuesday
A magnet is pulling Apple’s stock price to $200 — and beyond.
The strong pull consists of fundamentals, technicals and market mechanics. Let’s explore that, starting with a chart.
The chart
Please click here to see an annotated monthly chart of Apple’s stock AAPL, -1.25% For the sake of transparency, this is the same chart that The Arora Report provided a day before Apple’s new iPhone launch event held Tuesday.
The strategy I previously outlined for you in “Investors who recently bought Apple’s stock should consider locking in profits,” at least temporarily, is still spot on in three respects.
• Apple stock ran into the announcement running to $163.96, and then pulled back to $158.77 before a bounce into the close.
• Even though the probability of a near-term pullback is still there, there is no change in our previous target zone. We recognize that investors have bought the stock at different prices. There is no change in the strategy previously given in the “what to do now” section in the prior article linked above.
• Several technologies in the iPhone X, especially the bionic neural engine, have the potential to double the stock in the very long term.
The focus of this article is long term, not short term. Here is a likely progression to $200 from the chart…Read more at MarketWatch
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