As of today, Apple’s stock (AAPL) is trading at $231.41, with a slight decrease of 0.08% in the last 24 hours. Over the past month, AAPL has increased by approximately 0.84%, and in the last year, the stock has risen by around 35.83%. Analysts’ forecasts for Apple’s stock vary widely, with estimates ranging from a high of $300 to a low of $186, reflecting a mix of optimism around new product developments and macroeconomic considerations affecting tech stocks.
AAPL is breaking out above 230 to obtain an extension higher in the long-term fifth wave to 280-300 target and possibly higher. It is in a mature bullish phase is is breaking above the long-term uptrend channel. Only a break below 225 can lead to an invalidation of the immediate extension higher in the fifth wave. Learn to Trade stocks profitably.
The Weekly AAPL chart reveals a breakout above the consolidation ascending triangle 230. At this point, the buy positions have a greater probability of success. Overall support for the upside even if it breaks below 225 is 197 and the final long-term support for a bullish trend invalidation is much lower at 175 which means that the uptrend is still very strong and the counter-trend trades are not an option. Following the price action we need to see a break above 235 for a continuation higher and an extension to 280.
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As the famous trader says…
“I know where I’m getting out before I get in. Whenever I enter a position, I have a predetermined stop. That is the only way I can sleep. The position size on a trade is determined by the stop, and the stop is determined on a technical basis.”
Bruce Kovner
How to trade this?
It is a fact that a strong upside resistance for Q4 2024 is 235 and If we get a confirmed break above this level we could see a strong upside continuation for 270 in the fifth long-term upside Elliott Wave. Near-term, long trades as well as call options are in play. Take the long trade here with a stop loss just below 220. You can trade with call options as well. For inquiries about account management or copy trading please write to [email protected] or contact me on WhatsApp or Live chat.
