Will Apple enthusiasts continue to buy off the back of Apple Watch boost?

Consolidation has taken hold in recent weeks, yet with the Apple Watch release and earnings due, could we be due the next leg higher? 


Apple has returned to the forefront of investors’ minds recently, with the Apple Watch due for release on 24 April; some three days earlier than its quarterly earnings release the following Monday.

For many, the consolidation in the Apple share price has been somewhat dull. However, I expect to see volatility increase over the coming week and investors will no doubt be trying to capitalise on this.

Friday’s bounce higher came from support at the 50% retracement of the March low to April high. Given the long-term uptrend in play, I expect to see the bulls dominate once again. Resistance comes in the form of the April high at $128.50, which if broken would then target $13.30. However, a move back below $124.50 could see $123.00 tested.

Ultimately with a new product hitting the shelves, coupled with a clear long-term bull trend, I expect us to see the price break higher in time to continue the charge higher for the world’s biggest technology firm.

IGA, may distribute information/research produced by its respective foreign marketing partners within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.

This information/research prepared by IGA or IGA Group is intended for general circulation. It does not take into account the specific investment objectives, financial situation or particular needs of any particular person. You should take into account your specific investment objectives, financial situation or particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit. 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. In addition to the disclaimer above, the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.

See important Research Disclaimer.