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Apple Signs Scorsese And Approach Record Highs

Apple started the session with hefty gains after a short correction that lasted for three trading sessions. The stock boosted by news that the company has signed a deal with Martin Scorsese to produce film and projects for Apple TV+. Scorsese’s new movie creation Killers of the Flower Moon will appear on Apple TV+ after the distribution in movie theatres. Apple plans to partner with famous content makers as well as popular movie stars to strengthen Apple TV+ and become a significant competitor of Netflix and Amazon Prime.

Apple reported a stellar second-quarter earnings report. The earnings per share came at $2.58, beating the analyst’s forecasts of $2.04. The Revenue reported at $59.69 billion well above the expectations of $52.25 billion. The iPhone revenue climbed to $26.42 billion the expectations were for $22.37 billion. The Revenue from Services came in at $13.16 billion slightly below the estimates of $13.18 billion.

The company also beat analyst’s expectations by product line. The iPad revenue came in at $6.58 billion above the expectations of $4.88 billion. Mac revenue was at $7.08 billion topping the $6.06 billion estimates. The Other Products sector revenue reported at $6.45 billion above the $6 billion expectations.

Apple Share Price Daily Technical Analysis

Apple share is 2.64% higher at 449.15 recovering all of yesterday’s losses and keeping the bullish momentum intact. This week correction enhances the bullish momentum, and a move to all-time highs looks possible. 

Resistance stands at 449.69 the daily high—more selling pressure expected at 456 the high from August 10. Next supply zone is at 457.65 the all-time highs.

On the flip side, immediate support stands at 441.19 today’s low. The low from yesterday’s trading session at 437.55 would offer the next support zone. More bids would emerge at 402.56 the low from July 31. 

Apple Daily Chart