APPL holds on tight, even if the rest struggle to

APPL holds on tight, even if the rest struggle to
  • Apple (AAPL) iPhone turned 15 yesterday, January 9.
  • Apple (AAPL) shares so far have not been in a celebratory mood.
  • Apple (AAPL) stock still languishing at around $170 as tech suffers.

Apple shares closed out Monday just in the green, registering a modest gain of 0.1% to close at $172.17. While tech names have struggled so far in 2022 due to higher yields and an aggressive Fed, apple remains poised near all-time highs.

Apple (AAPL) Stock Price and Forecast: Will Apple have a happy iPhone birthday? - 1

Apple stock chart, 15 minute

Apple (AAPL) stock news

The iPhone splashed onto the global stage 15 years ago with a humourous launch by then CEO Steve Jobs. He has actually announced that Apple was launching three products. A widescreen iPod with touchscreen, a breakthrough interest browser, and a phone. Eventually, the audience saw the joke and that this was actually what the iPhone was, three products rolled into one. The modern iteration of the smartphone was born and the industry would never be the same again. Nor would many other industries who benefitted enormously from handheld internet access. Social media companies such as Twitter (TWTR) and others owe a lot to the smartphone as do many online retailers. While Apple (AAPL) is the biggest company in the world it has dragged many other tech titans along with it.

Apple (AAPL) stock forecast

Apple has now broken below the key short-term moving averages, the 9 and 21-day. We have also put in place a double top which is a bearish formation. The triger is breaking the valley support at $167.46 which gives a target of $15 lower at $152. Along the way there will be support at $157. The moving average convergence divergence (MACD) and relative strength index (RSI) are now in bearish territoy. The MACD crossed over and the RSI is below 50, with both trending lower. Apple should outperform other high growth tech names but it is not immune from contagion.

Apple (AAPL) Stock Price and Forecast: Will Apple have a happy iPhone birthday? - 2

Apple (AAPL) stock chart, daily

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