Apple (NASDAQ:AAPL) Stock: Here’s What Technical Indicators Reveal

Shares of top technology companies, including Apple (NASDAQ:AAPL), witnessed a rebound in 2023 as inflation continued to moderate, signaling that the Fed could pause the rapid interest rate hike. Apple stock has gained over 28% year-to-date outperforming the NASDAQ 100 Index (NDX) and the S&P 500 Index (SPX). While AAPL stock outperformed the broader markets, its technical indicators show a bullish signal, implying further upside from current levels.  

As per our easy-to-understand technical analysis tool, AAPL stock is in an uptrend. Its 50-Day EMA (exponential moving average) is 156.64, while its price is $166.65.3, implying a bullish signal. Further, its shorter duration EMA (20 days) also signals an uptrend. 

Thanks to the recent recovery in AAPL’s share price, its RSI (Relative Strength Index) increased to 66.3. However, it still doesn’t signal an overbought condition. While Apple stock is in an uptrend, it could face immediate resistance at $172 (based on Pivot Points). Further, AAPL stock has a swing high near $176, which could offer further resistance. (See the graph below.)

What’s the Prediction for AAPL Stock?

Overall, AAPL is a Buy based on our summary signals (which combine the moving averages and the technical indicators to provide a summarized signal).

The near-term pressure on consumer spending could impact Apple’s hardware sales. However, its strong competitive positioning in the smartphone market, momentum in the Services segment, which delivered record revenues in Q1, growing paid subscriptions, and a base of over 2 billion active devices provide a solid foundation for long-term revenue and earnings growth. 

AAPL stock has a Strong Buy Consensus rating based on 24 Buys, four Holds, and one Sell. These analysts’ average price target of $174.86 implies a limited 4.93% upside potential. Furthermore, AAPL stock has a maximum Smart Score of “Perfect 10” on TipRanks. 

Bottom Line

With a bullish signal from technical indicators, analysts, and Smart Score, AAPL stock could outperform the broader market averages. Its solid business, led by strong demand for its products and services, bodes well for long-term growth.