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Apple (AAPL) stock is up 1.50 % in the pre-market to trade at $324. The company is expected to release a larger iPhone 12 Pro later this year if the production line is not affected by coronavirus disruption.
Apple Inc (NASDAQ: AAPL) stock rose 3.6% to fix slightly above $318 last week. That’s just below a $319.79 buy point, however, AAPL stock did hit the $320.89 level intraday Thursday. On a daily chart, $319.79 remains an alternate entry after clearing a cup-with-handle buy point of 288.35 at the end of April. On a weekly chart, that earlier handle didn’t appear, so 319.79 is a conventional cup-with-handle buy point for Apple (AAPL) stock.
The relative strength line for Apple stock is right at record highs. AAPL stock has an IBD Composite Rating of 93. In the past 52 weeks, the company shares have been ranging between $315.35 at its lowest and $319.23 at its highest.
Impressively, the company shares have risen around 78% in the past one year, 8.60% YTD, 6.95% in the past three months, 12.61% in the past month and 1.25% in the last five days. It is an indication the company is relatively doing well despite the global market disruption caused by the ongoing coronavirus.
Wall Street analysts have been anticipating the shares to continue rising as the company’s product fanatics anxiously wait for the 5G network iPhones to compete with Samsung’s latest flagship products.
With several employees from the tech company able to deliver remotely, companies are predicting most of them might never go back to the onsite office routine. Productivity is eventually expected to increase as people get more freedom in working on their jobs at their comfort.
Better Times Ahead for APPL Stock as Apple to Launch New Devices Later This Year
Apple stock might continue with the uptrend in the remaining quarters of the year, as investors bet on the company’s ability to deliver its new flagship product later this year. According to a post on Business Insider by the Pulse, Apple is expected to release a larger iPhone 12 Pro later this year.
It reported that Apple is developing a larger screen size in the iPhone Pro upgrades. According to its details, one model will come in a 6.1 – inch size screen, while a larger one will come in a 6.7 – inch size.