Current trend

Shares of Apple Inc., a giant in the development and sale of personal and tablet computers, are moving in a corrective trend at 180.00.

The company lags behind competitors in the pace of introducing generative artificial intelligence (AI) into its devices, but CEO Tim Cook believes that 2024 will be the year when the corporation will achieve an “incredible breakthrough” in this area: he said that the AI was now in its final phases of testing, and positive news were expected by the middle of the year. Against this background, analysts are adjusting their estimates regarding the subsequent dynamics of the issuer’s securities. Thus, Bank of America Corp. experts believe Apple Inc. will renew the device owners’ database. According to surveys, 76.0% of surveyed customers use smartphones iPhone 13 and older, of which 35.0% use iPhone 11 and older. These users will likely replace their devices with new ones, so economists keep a Buy recommendation for the stocks.

The quarterly financial report reflected an increase in revenue from 89.5B dollars to 119.58B dollars, allowing the corporation to return to profitability levels of early 2023, and earnings per share adjusted from 1.46 dollars to 2.18 dollars.

Support and resistance

On the daily chart, the price is moving within a local downward channel with dynamic boundaries of 190.00–172.00, approaching the support line.

Technical indicators have issued a sell signal: the EMA fluctuation range of the Alligator indicator is expanding downward, and the AO histogram is forming downward bars below the transition level.

Resistance levels: 183.00, 190.00.

Support levels: 179.00, 172.00.

Trading tips

Short positions may be opened after the price declines and consolidates below 179.00, with the target at 172.00 and stop loss 182.00. Implementation period: 7 days or more.

Long positions may be opened after the price rises and consolidates above 183.00, with the target at 190.00. Stop loss – 180.00.