Apple Stock Nears Buy Zone at $237

Apple Inc. (NASDAQ: AAPL) stock has surged in response to the iPhone 16 first reports four weeks after its sales commencement. Wall Street experts are getting increasingly buoyant about the company, mainly on the performance of its main product in the global markets. The stock made positive moves on October 21, as it got up to a purchase target that was first settled in mid-October due to both customer demand and supply-chain signals, which are leading to the continued growth of investor confidence.

Solid iPhone 16 Sales and Supply-Chain Strength

Analyst Ananda Baruah of Loop Capital Bank has observed that iPhone 16, as a brand, is performing better than anticipated owing to supply-chain checks. In a communication to the investors, Baruah emphasized that the iPhone would surpass the supply-chain expectation this September and in fiscal Q4; thus, the provision for the future would definitely be a write-off. The investors will obtain a clearer picture of the company’s revenues after the report on October 31.

The presence of positive views on iPhone 16 transactions is a timely event considering Apple shares. On October 15, Apple stock went up to the highest all-time of $237.49, but it grated down to below a pivot point of $237.23. After the gaps on Monday, the price once again climbed back to this decisive level, which could mean the kick-off of a new journey should the uptrend continue.

Apple Sees iPhone Sales Surge in China

Following an important comeback, the sales of iPhones have increased year over year by 20% in China in the first three weeks of the launch of the iPhone 16, as the data from Counterpoint Research reported. More remarkable was the sales of the high-end iPhone 16 Pro and Pro Max models, which rocketed by 44%. This was like a breath of fresh air for the company, the very company that some months ago had strained itself in the Chinese market due to a 10% decline in sales there during the first nine months of the fiscal year.

China, where companies like Huawei and Xiaomi are waging an approximate battle for dominance, has given Apple the run for its money. The recent upturn in consumption and the expansion of the company through its partnership with China Mobile to bring Apple Music to the 1 billion subscribers of the company is a clear example of this region specifically.

iPhone Sales Strength Drive Long-Term Growth Optimism

Besides the wonderful sales of the iPhone, the arrival of Apple in the generative AI is another reason which makes it more optimistic. Loop Capital’s Baruah highlighted the firm’s strategic position in the emerging area, also showing that it can be the stepping-stone to their future growth. JPMorgan analyst Samik Chatterjee also claimed that Apple is higher in weight with a $265 price target, citing favourable iPhone delivery trends. At the same time, Rosenblatt Securities analyst Barton Crockett further confirmed his buy rating with a price target of $261, recognizing China’s great performance.

Apple Stock Chart Analysis

AAPL/USD 15-Minute Chart

Looking at the 15-minute candlestick chart for Apple Inc. (NASDAQ: AAPL), we can see that the stock has experienced some remarkable fluctuations lately. As an example, on October 15, Apple, for a short time, broke through a high price of $237.49. That was quite close to the key level of $237.23. Nonetheless, the stock couldn’t keep up that level and pulled back. Through the next week, it scratched the bottom at $227.50 on October 17, which was a symptom of a bit of ups and downs in the market.

But Apple stock has been gradually recovering despite that dip, and by October 22, we see it trading at $236.57. This puts it within striking distance of that key resistance level again. The recent upward momentum likely reflects the positive news surrounding iPhone 16 sales and supply-chain strength, which has certainly helped fuel investor optimism.

Investors Eye Potential Apple Stock Breakout Ahead of Q4 Earnings

Between October 16 and 21, the stock was trading in consolidation mode at a level of $230-235. Trading in a flat manner is a suggestion that we could be in the accumulation phase, which is a time limit for buyers for the next potential boom.

Now, we are waiting to see if this consolidation is actually taking place and if there are going to be new bullish breakouts. We’re closely watching consolidations in anticipation of potential upward or bearish moves.

With the company’s fiscal Q4 report due out on October 31, we will observe the stock price – will it manage to breach the $237 mark and keep rising? A crack above this point might signify a strong source of buying as traders are getting ready for the expected post-earning gain.

Do not pass up on the following steps to advance the company! The stock is almost on the edge of the breakout; now is probably the right time to act. Continue to keep an eye on the stock!

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