Could Apple bounce 40% higher to $200? One analyst thinks so...

October 05, 2021 22:32

It’s a known fact that Wall Streeters love Apple stock. With the stock down 12% from its all-time high, a lot of analysts have chimed in on the potential opportunity of buying the dip.  

In an interview with CNBC, well known money manager Gene Munster believes Apple could be trading around $200 per share over the next 12 to 24 months.  

From current levels that represents a near 40% surge higher. The rationale? Most of the recent weakness has nothing to do with Apple and more to do with portfolio positioning in preparation for higher interest rates.  

There’s also the release of the iPhone 13 but what do the charts say? 

Source: Admirals MetaTrader 5#AAPLWeekly - Data range: from 31 Dec 2017 to 5 Oct 2021, performed on 5 Oct 2021 at 8:30 pm GMT. Please note: Past performance is not a reliable indicator of future results.  

It’s clear to see the long-term uptrend in the weekly chart of Apple’s share price shown above. All the key exponential moving averages (20, 50 and 100-periods), are all moving higher and in the correct order for bullish momentum.  

However, the recent dip in price is relatively small compared to recent corrections at the end of last year, beginning of 2020 and in 2018.  

While the price is stalling around the 20-week exponential moving average (EMA), there is a confluence of support levels around the 50-week EMA. This also coincides with a bullish trend line as shown by the ascending black line.  

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Jitanchandra Solanki
Jitanchandra Solanki Financial Markets Author, Admirals London

Jitanchandra is a financial markets author with more than 15 years experience trading currencies, indices and US equities. He is an accredited Market Technician with a BA Hons degree.