Apple CEO Tim Cook stands next to the new Apple Vision Pro headset is displayed during the Apple Worldwide Developers Conference on June 05, 2023 in Cupertino, California.Justin Sullivan/Getty Images
Apple stock could see big upside ahead after it confirmed its breakout above the prior record high of $183, according to Fairlead Strategies.
Shares could jump 37% from current levels to $254 by the end of 2024.
“The uptrend [in Apple] shows no counter-trend signals yet,” Fairlead Strategies said.
Apple stock decisively confirmed its breakout to new record highs on Friday, and that could pave the way for more upside into 2024, according to a Friday note from Fairlead Strategies.
The firm highlighted that with Apple stock trading at $187 Friday afternoon, the stock is poised to close above its prior resistance level of $183 for the second week in a row, confirming a decisive breakout.
This “bullish long-term development” generates a new price objective of $254 per share for Apple, representing potential upside of 37% from current levels. A rise to that level would give the iPhone maker a market valuation of about $4 trillion based on today’s current shares outstanding of 15.79 billion.
“The breakout yields a measured move objective of about $254 using the Covid/2020 corrective low as a point of reference,” Fairlead Strategies’ founder Katie Stockton told Insider on Friday. “The ‘measured move’ assumes that the uptrend that preceded the 2021-2022 trading range has resumed.”
Stockton identified the end of 2024 as the timeframe for the technical price objective to be reached, and noted that the stock’s uptrend looks poised to continue in the short term.
“The uptrend shows no counter-trend signals yet. When a pullback develops, initial support is at the rising 20-day moving average… although a pullback does not appear imminent,” she said. The 20-day moving average for Apple stock is currently around $181 per share.
Apple stock has surged 44% so far in 2023 and has driven the bulk of the S&P 500’s year-to-date gain of about 14%. The company recently announced its first product…