Bullish analyst sees $3 trillion Apple market cap in 2022
After a near 180% rally higher since the lows of the pandemic in 2020, Apple shares have consolidated in a tight range.
In fact, the shares are down more than 10% from the all-time of ~$145.00 recorded on 25 January 2021, giving an Apple a market cap of around ~$2.1 trillion.
However, that has not stopped one analyst forecasting Apple could reach a market cap of $3 trillion in 2022! Dan Ives of Wedbush just made a huge call on Apple stock.
What do the charts say?
Source: Admirals MetaTrader 5, #AAPL, Monthly - Data range: from Jul 1, 2006, to Jun 8, 2021, performed on Jun 8, 2021, at 8:30 pm GMT. Please note: Past performance is not a reliable indicator of future results.
The monthly chart of Apple’s share price above shows a recent consolidation that has not happened in Apple’s history, going back to 2006. Prior to this consolidation, the shares have been in a strong trend.
Over the long-term, it’s clear to see the recent bounces, or turns, in the share price around the 20-period (blue) exponential moving average and 50-period (red) exponential moving average.
Currently, the price is still far away from its 20-period moving average. If the price does fall further, this could be an interesting area for some investors.
Source: Admirals MetaTrader 5, #AAPL, Weekly - Data range: from Nov 5, 2017, to Jun 8, 2021, performed on Jun 8, 2021, at 8:30 pm GMT. Please note: Past performance is not a reliable indicator of future results.
Shorter-term traders may look towards the weekly chart of Apple’s share price. This also shows some recent turning points around the 50-period moving average and the 100-period (green) exponential moving average.
These levels could provide interesting zones for traders to keep an eye out over the long term – especially if Wedbush’s call for 2022 is correct!
Did you know that you can use the Trading Central Technical Ideas Lookup indicator to find actionable trading ideas on thousands of different markets?
Start your free download by clicking on the banner below:
INFORMATION ABOUT ANALYTICAL MATERIALS:
The given data provides additional information regarding all analysis, estimates, prognosis, forecasts, market reviews, weekly outlooks or other similar assessments or information (hereinafter “Analysis”) published on the websites of Admiral Markets investment firms operating under the Admiral Markets trademark (hereinafter “Admiral Markets”) Before making any investment decisions please pay close attention to the following:
- This is a marketing communication. The content is published for informative purposes only and is in no way to be construed as investment advice or recommendation. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and that it is not subject to any prohibition on dealing ahead of the dissemination of investment research.
- Any investment decision is made by each client alone whereas Admiral Markets shall not be responsible for any loss or damage arising from any such decision, whether or not based on the content.
- With view to protecting the interests of our clients and the objectivity of the Analysis, Admiral Markets has established relevant internal procedures for prevention and management of conflicts of interest.
- The Analysis is prepared by an independent analyst, Jitan Solanki (analyst), (hereinafter “Author”) based on their personal estimations.
- Whilst every reasonable effort is taken to ensure that all sources of the content are reliable and that all information is presented, as much as possible, in an understandable, timely, precise and complete manner, Admiral Markets does not guarantee the accuracy or completeness of any information contained within the Analysis.
- Any kind of past or modeled performance of financial instruments indicated within the content should not be construed as an express or implied promise, guarantee or implication by Admiral Markets for any future performance. The value of the financial instrument may both increase and decrease and the preservation of the asset value is not guaranteed.
- Leveraged products (including contracts for difference) are speculative in nature and may result in losses or profit. Before you start trading, please ensure that you fully understand the risks involved.