Apple Stock Price Prediction ($AAPL): Will it Reach an ATH of $220 this year?
For an extended period, Apple held the position of the most valuable company in the stock market. This week marked a decline in AAPL stock as Microsoft dethroned Apple. Let’s use some technical analysis and fundamentals to make our Apple Stock Price Prediction, to see if $AAPL or $MSFT is a better investment.
Table of Contents
Overview and Microsoft Comparison
Microsoft secured its place as the world’s most valuable company with a $2.89 trillion market cap, surpassing Apple’s $2.87 trillion market cap.
The question arises: can Apple reclaim its throne? Let us delve into this AAPL price prediction.
In 2023, AAPL stock prices experienced a notable ascent, rising approximately 60% from $130 in January to $192 in December. Apple’s fiscal year 2023 results revealed an impressive $383 billion in annual total net sales. Over the past decade, Apple’s annual revenue has quadrupled.
Apple Enters the Virtual Reality Headset Market
Noteworthy is Apple’s recent announcement of the launch date for its Vision Pro virtual reality headset, scheduled for February 2nd. The price is $3,499, with an additional $149 for prescription lenses.
With this new headset, Apple has come in direct rivalry with Meta’s Quest3 headset. META’s VR headset held a commanding 55% market share of VR headsets in Q3 of 2023.
The debut of Apple’s VR headset establishes it as a competitor in the market against similar products. Additionally, it could also bolster the appreciation of AAPL stock.
See related stock forecasts for: $BRK.B | $RIO | $LULU | $ARKK | $RIVN
Apple Stock Price Prediction ($AAPL) Trend Continuation Could Lead towards $220
In the weekly price chart analysis of Apple Stock, a discernible trend emerges. The stock sustains an upward trajectory along a trendline, a pattern observed over a duration surpassing five years.
Additionally, the Ichimoku cloud indicator, positioned below the prices, indicates a prevailing uptrend in the market.
Presently, the stock’s value hovers in proximity to the baseline of the Ichimoku cloud. It is particularly close to the Leading Span A and the critical support level of $176. A breach and closure below this level may result in the stock entering the Ichimoku cloud, signalling a bearish momentum.
The subsequent support level rests at $156. It not only aligns with Leading Span B but is also in close proximity to the established trendline.
A continued descent in prices could lead to a potential 15% decline from the current price level.
Furthermore, the bearish outlook is substantiated by the Moving Average Convergence & Divergence (MACD). The emergence of MACD histograms below the zero line signifies an impending shift towards a bearish trend.
Apple Stock Bull Case
Conversely, should prices continue following the overarching black trendline, they may encounter initial resistance at the psychological threshold of $200.
A decisive break and closure above this level could fortify the ascending trend. It would propel prices towards higher levels. The notable target is around $220—an 18% increase from the present valuation.
Summary
To summarize, a short-term decline in prices may precede a potential rebound upon reaching the established trendline. A resurgence from this point has the potential to drive prices higher, possibly reaching a new all-time high of $220.
[…] See related stock forecasts: $AAPL | $LULU | $RIO | $ARKK | $BRK.B […]