This week, Apple (NASDAQ: AAPL) grabbed attention as it crossed the $3 trillion market capitalization threshold, a milestone not reached since August.
Despite setbacks in various product segments leading to a 3% year-over-year decline in fiscal 2023 revenue, the company’s shares have surged by 50% year to date.
And the good news doesn’t stop there, as Apple’s stock achieved an all-time closing peak on Wednesday, December 13, driven by a broader surge in the US stock market following the US Federal Reserve’s decision to maintain unchanged interest rates and indicate expectations of reduced borrowing costs in the coming year.
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Apple’s stock experienced a 1.7% surge, concluding the day at $197.96 per share, surpassing the previous record closing high of $196.45 set on July 31. The intraday peak reached $198, coming close to the record of $198.23 established on July 19.
AAPL stock technical analysis
AAPL stock is currently following an upward trajectory within a medium to long-term trend channel. This suggests a positive trend as investors have consistently bought the stock at higher prices over time, reflecting favorable prospects for the company.
The recent slight breakthrough above the $197 resistance level is noteworthy, and a confirmed break typically indicates a potential further ascent. The positive volume balance implies that buyers are assertive, while sellers exhibit passivity, contributing to the stock’s strength. Additionally, the Relative Strength Index (RSI) being above 70 indicates robust positive momentum in the short term.
Recent developments regarding Apple
Apple has established an unparalleled level of brand loyalty in the tech industry. The interconnected ecosystem of its products not only dissuades users from opting for competing devices but also fosters a gradual expansion into The Cuperino-based tech giant’s diverse offerings.
Tim Cook’s company is extending the reach of Self Service Repair and introducing a novel diagnostic tool that gives users increased transparency and autonomy for problem-solving. This feature is now accessible for the iPhone 15 lineup and various Mac models. Moreover, Apple Diagnostics for Self-Service Repair is now accessible in the United States, with availability in Europe slated for the upcoming year, according to an announcement from Apple on December 13.
The iPhone maker confronts the prospect of a substantial fine and a potential prohibition on the App Store rules it purportedly employed to hinder competitors in the music-streaming sector as part of the European Union’s ongoing scrutiny of Big Tech.
European Union regulators are finalizing a decision on Apple’s practice of preventing music services from steering users away from the App Store to explore alternative and more economical subscription options, sources familiar with the investigation disclosed. The decision is expected to be announced early next year, as reported by Bloomberg on December 13.
With its constantly increasing market capitalization and share value, coupled with a strive for innovation and development, AAPL is a potentially profitable investment for traders.
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Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
