Apple Stock Technical Charts Point To Further Upside
Apple Inc. (NASDAQ:AAPL) stock is trading above its key technical averages on the daily charts. The stock closed the last trading session at $119.97, sitting clear of its 20 day SMA (Simple Moving Average) at 118.29. The stock has bounced off the 20-day SMA twice in the last 2 months, making it a strong support for the stock. However, today, we’d like to take a look at the monthly chart and highlight something even more interesting. The 40-period SMA on the monthly chart has proved to be a very strong support level for Apple stock on 3 occasions in the last decade.
More importantly, AAPL stock went on to make new highs on each of the last two occasions it bounced off its 40-period SMA on the monthly chart. Apple stock price has been on a constant rise after having found support at this critical level in June 2016. However, the stock is yet to take out its previous high of around $130 levels, which was set in early 2015. Going by the history, Apple stock should continue to rise to new all-time highs, implying a rise to at least $130 in the coming months. Hence, Apple presents a good buying opportunity based on Apple technical charts.
Putting It All Together
Apple Inc. (NASDAQ:AAPL) stock is off to a strong start in 2017. However, the stock should continue to rise in 2017, driven by growth in its services segment and President Trump’s favorable tax policies, which should positively impact Apple fundamentals. On the technical side, the monthly technical charts indicate a very high possibility of Apple stock rising to new all-time highs, even as it continues to trade above its key moving averages on the daily chart. All in all, Apple stock presents an attractive investment opportunity for 2017.
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The article Apple Stock: 3 Big Reasons To Buy AAPL Stock For 2017 originally appeared on amigobulls.com. Watch our analysis video on AAPL
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Additional Links:
(1) http://amigobulls.com/articles/apple-inc-aapl-stock-will-rise-above-135-in-2017?ref=il&ref=im
(2) http://seekingalpha.com/news/3236453-macquarie-securities-raises-apple-target-148?ref=il
(3) http://investor.apple.com/secfiling.cfm?filingid=1193125-15-356351&ref=il
