Apple stock hits all-time high

Published 22 June, 2023

Renowned American tech giant Apple has reached new heights in the stock market. Last week, Apple hit an all-time high, a historic peak of $186. This is a remarkable moment for the company and very interesting to examine further.

Tech giant Apple is one of the world's largest companies and one of the so-called "big five" on the Nasdaq exchange. Apple is also the first company to achieve a market capitalization of over $3 trillion. The peak at $186 came after many days of upward movement in recent weeks. Investors are once again very positive about the technology stock, following a period where the stock price fell significantly from its previous peak in early 2022 to a low point of $125 in early 2023. After major decline in 2022, the stock has reversed this year and risen a whopping 50% from $125 to $186.

Not many investors or analysts predicted the rapid and significant rise, especially now that interest rates are increasing, which typically dampens stock prices. There are many opinions on what has driven the rise in Apple. Some believe the stock fell too much in 2022, others point to developments in AI, and there are some who think the stock has risen too much so far this year. Many are wondering what the future development will be like. At Investtech, we primarily focus on technical analysis of financial markets. We analyze historical prices, volumes, and market data to identify patterns and trends. Our approach takes into account the psychology of investors and how they interpret available information in the market.

Apple (AAPL.US) Close: 183.96 (-1.05), June 21, 2023

Looking at Apple in the medium term (the picture above), the stock is in a rising trend channel. This indicates that investors have been buying at progressively higher prices over time to secure the stock, indicating positive development for the company. The stock gave a positive signal from an inverse head and shoulders formation when it broke upwards through resistance at $157 in March. Further rise to $193 or more is indicated. There is no resistance in the price chart, which also indicates further rise. In case of a negative reaction, the stock has support at approximately $175. Overall, the stock is considered technically positive in the medium term. The recommendation is quite similar in the short and long term, and Apple has an algorithmic buy recommendation across all three time horizons we use at Investtech.

Also, if we look at statistics and seasonal variations from the past 10 years, we see that on average Apple has risen by 13% in the summer months of July/August, and the stock has risen during the summer in nine out of the past ten years.

The picture shows average development per month over the past 10 years.

Apple is technically positive in the short, medium and long term, and it is also heading into two specific months that have historically provided good returns over the past ten years. Therefore, the stock has a clear positive recommendation.

The analysis is based on closing price 21 June 2023.