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​​​Apple stock price looks for new catalyst after recent rebound

​​While Apple’s stock has rallied 15% from its April low, Apple now needs a new story to drive further gains.

Wallstreet buildings Source: Getty Images

​​​Apple lags behind its peers

​Apple's stock has lagged far behind major technology peers like Nvidia, Meta, Alphabet, Amazon, and Microsoft this year, which have seen their shares soar on the back of optimism surrounding artificial intelligence (AI). While the S&P 500 and Nasdaq are up double digits year-to-date, Apple's stock has eked out just a 2% gain, weighed down by declining sales and a tepid reception to its Vision Pro headset.

​Upcoming conference could be a game changer

​However, the situation may be poised to change starting on 10 June when Apple hosts its annual Worldwide Developers Conference (WWDC). Expectations are high that Apple will unveil a host of new AI capabilities integrated across its products and services, including Project Graymatter for AI-powered photo editing, improvements to Siri, generative AI for custom emojis, and smart notification recaps using AI.

​Hidden advantages coming into play

​While Apple is widely viewed as behind companies like Google and Meta in AI development, it has some underappreciated advantages. These include dedicated neural engine chips in its A-series processors that allow many AI tasks to run locally on-device, bypassing the need for expensive cloud infrastructure that competitors must invest in.

​If Apple can showcase compelling AI capabilities at WWDC and integrate them successfully into the next iPhone model launching in September, analysts believe it could drive a new "supercycle" of demand. This AI-driven optimism around future iPhone sales could propel Apple's stock higher through the summer and into the autumn.

​LSEG Data & Analytics analyst Apple recommendations

​LSEG Data & Analytics data shows a consensus analyst rating of ‘buy’ for Apple – 11 strong buy, 19 buy, 14 hold and 1 sell (as of 29 May 2024).

APPLE analysts Source: LSEG Data & Analytics
APPLE analysts Source: LSEG Data & Analytics

​Apple technical view

​The Apple share price is seen heading back up towards the upper boundary of its wide July 2023 to May 2024 sideways trading range which can be seen at the July and December 2023 highs at $198.23 to $199.62. This resistance area and the psychological $200.00 mark would need to be overcome for the Apple share price to surge higher on a sustainable basis.

​Apple Weekly Chart

Apple Weekly Chart Source: TradingView
Apple Weekly Chart Source: TradingView

​On the daily chart Tuesday’s high at $193.00 would need to be exceeded on a daily chart closing basis for the January peak at $196.38 to be back in play.

​Apple Daily Chart

Apple Daily Chart Source: TradingView
Apple Daily Chart Source: TradingView

​Immediate upside pressure should be maintained while last week’s low at $186.63 underpins on a daily chart closing basis. Were this level to give way, the 200-day simple moving average (SMA) at $181.04 may come back into play.

This information has been prepared by IG, a trading name of IG Australia Pty Ltd. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.

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