Apple Inc AAPL will be unveiling its third-quarter financial results on Thursday. Analysts anticipate earnings per share of $1.34 and revenues of $84.36 billion as the company discloses its performance after the market closes.
With a 13% increase in its stock price over the past year and a nearly 19% jump year-to-date, Apple seems to be on an upward trajectory.
Let’s delve into the charts to analyze the current position of Apple’s stock relative to the market expectations.
Apple Stock Riding High with Bullish Momentum Before Q3 Earnings
Apple’s stock is riding a strong bullish trend, standing at a current share price of $224.50, surpassing its 5, 20, and 50-day exponential moving averages, indicating robust upward momentum.
The 8-day simple moving average (SMA) supports a positive outlook at $220.33, while the 20-day SMA signals a hint of bearish sentiment at $225.36. Despite some minor selling pressure, the stock holds steady, with the 50-day SMA at $212.17 affirming a bullish vibe.
Moreover, the 200-day SMA at $189.35 underlines a long-term optimistic stance for AAPL.
The Moving Average Convergence Divergence (MACD) indicator at 1.81 reinforces the bullish trend. Although the Relative Strength Index (RSI) suggests a possibility of Apple nearing overbought territory at 54.3, the Bollinger Bands and the stock’s movement toward the upper bullish band maintain a positive outlook.
Considering these technical indicators, Apple’s stock is poised to continue its strength, but caution is advised due to potential overbought signals.
Analysts Predict Approximately 10% Upside for Apple
Apple Ratings & Consensus Estimates: The consensus analyst rating for Apple stock remains at Buy with a price target of $233.55. However, recent ratings from TD Cowen, Raymond James, and Baird anticipate a 9.88% upside for Apple, with an average price target of $246.67.
AAPL Price Action: As of the current moment, Apple’s shares are experiencing a 0.9% decline, reaching $220.02.
Isn’t it intriguing how Apple’s stock journey continues to be filled with surprises and expectations?