Apple’s stocks opened the day lower but have quickly pushed off intraday lows after the company’s 1st quarter 2021 earnings revealed better-than-expected earnings and revenues.
Apple reported earnings of $1.68 per share, which bettered the expectations of $1.42 per share. Revenue also jumped to $111.44 billion, which exceeded the $103.12 billion that analysts expected.
These strong revenue and earnings figures were driven by stronger-than-expected sales of the iPhone 12 range of phones, the latest in the series of Apple’s flagship product. It is believed that compatibility with 5G connectivity prompted those using older iPhone versions to make the switch.
Technical Outlook for Apple
Apple opened the day lower, but has risen off intraday lows and now lies at a price level that posts a 1.27% loss as of the time of writing.
Follow-through buying is required for the price to break the 145.09 highs, in order to launch the stock into new record territory.
On the flip side, a further decline in price could break down the 137.93 support. This opens the door to the 8 January high at 132.76, with 125.51 and 119.82 serving as additional support levels.
Apple Share Price; Daily Chart