Apple (NASDAQ:AAPL) crossed over its 10-day moving average of $507.32 on a volume of 9.3 million shares. This may provide short-term investors a chance for a long position, as such a crossover often suggests higher prices in the near term.
There is potential upside of 42.1% for shares of Apple based on a current price of $511.04 and an average consensus analyst price target of $726.21. The stock should find initial resistance at its 50-day moving average (MA) of $536.46 and further resistance at its 200-day MA of $593.83.
Over the past year, Apple has traded in a range of $419.55 to $705.07 and is now at $511.04, 22% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has declined 0.5%.
Apple Inc. designs, manufactures, and markets personal computers and related personal computing and mobile communication devices along with a variety of related software, services, peripherals, and networking solutions. The Company sells its products worldwide through its online stores, its retail stores, its direct sales force, third-party wholesalers, and resellers.