Apple (AAPL) Stock Ends the Year Near Record HighsApple (AAPL) Stock Ends the Year Near Record Highs
In 2024, Apple Inc. (AAPL) shares surged by approximately 35%, fueled by the introduction of Apple Intelligence, a groundbreaking AI technology integrated into the company's ecosystem. This feature, designed for iPhones and other Apple products, enhances both productivity and user experience.
Following the June launch of Apple Intelligence, AAPL stock price saw a sharp rise (indicated by the arrow), marking the beginning of a steady upward trend within a channel (highlighted in blue) that remains intact.
In early August, a sell-off in Japan's stock market and fears of a global recession defined the channel's lower boundary.
The stock subsequently rebounded, with prices fluctuating around the channel's central line (bolded) throughout autumn. This balance signified equilibrium between buyers and sellers.
As 2024 comes to a close, AAPL shares exhibit a strong upward momentum, resembling a Santa Claus rally. A new, steeper upward channel (depicted in purple) has emerged on the chart.
Analyst Predictions and Market Sentiment
Analysts are optimistic about AAPL’s prospects. Daniel Ives of Wedbush recently raised his price target for AAPL from $300 to $325, citing the underappreciated potential of Apple's AI initiatives. Ives believes the company is entering a multi-year iPhone upgrade cycle, driven by artificial intelligence integration.
Looking ahead to 2025, analysts project record-breaking iPhone sales of approximately 240 million units, marking a historic achievement for Apple. This momentum could drive AAPL shares to new highs. While the long-term outlook is positive, near-term risks remain.
Current technical indicators suggest AAPL may face a short-term correction:
- The price is approaching the upper boundary of the channel.
- The RSI indicates overbought conditions, with signs of a potential bearish divergence.
Traders should consider the possibility of a pullback below the key psychological level of $250, with the price potentially retreating to the lower purple boundary.
TipRanks Insights:
- Analysts’ average price target for AAPL by the end of 2025: $245.28.
- Among 29 analysts, 19 recommend buying, while 2 suggest selling.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice