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Apple stock approaches record territory as winning streak might be in play

Apple stock approaches record territory as winning streak might be in play
Jordan Major

Apple Inc. (NASDAQ: AAPL) stock is closing in on record territory as the tech behemoth finished +4.05 (2.30%) after market close on Monday, December 27.

Shares prices followed suit, jumping 0.36% in premarket trading Tuesday, as investors remained unfazed by the company’s decision to close shops in New York City after an increase in COVID-19 cases.

AAPL’s most recent close brought it to its 24th record of the year, with the firm gaining 6.2% in the last four days, putting it on track to set another record. 

The four-day win streak wasn’t brought to a halt as stock traders took solace in the fact that Apple’s New York City shops have not been totally closed since online purchases may still be picked up outside of those locations. 

AAPL chart analysis 

Compared to the general market, AAPL is exhibiting strong and consistent performance; both the long-term and short-term trends are encouraging.

For instance, AAPL is now trading around its 52-week high, which is a positive indicator, as its performance is in line with the market with the S&P 500 Index, all hitting new highs.

AAPL has been trading in a broad range of $157.80 – $182.13 during the past month, which is a significant range, and it is now trading around the upper end of this range.

AAPL 20-50-200 SMA lines chart. Source. data. See more stocks here.

It’s also worth mentioning that Apple is trading well above its 20, 50, and 200-day simple moving averages, typically utilized by stock investors as uptrend indications, signaling that the stock is experiencing bullish momentum.

Recently, Citi’s senior technology analyst Jim Suva predicted that Apple’s stock would soar to $200 in 2022, a year in which he expects the firm to capitalize on its gains spurred by the coronavirus outbreak.

S&P 500 trading at new highs

Whatsmore, the rise in COVID-19 cases hasn’t deterred the stock market from soaring, as the S&P 500 +1.38% has risen 4.9% in the previous four days, closing Monday at its 69th record high.

The increase in the market was widespread, with gains reported by more than 90% of the index’s constituent firms. Tech stocks were one of the most active, rising 2.18%, with Nvidia (NASDAQ: NVDA) and Microsoft (NASDAQ: MSFT) all experiencing significant increases.

In response to data from Mastercard SpendingPulse, which revealed that Christmas sales were up 8.5% from the previous year, there was confidence about the holiday shopping season as markets had previously been concerned about a weak performance due to supply chain interruptions.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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