Apple stock (NASDAQ: AAPL) price is up 1.44% on Monday. The shares of the biggest tech company in the world started the day with a strong surge, but the sellers came at $178.98. At press time, the stock changed hands at $177.16.
After facing strong selling pressure at the end of last week, Apple shares showed a strong rebound on Monday. The stock is now trading 1.9% above its last week’s lows. However, the positive price action could be short-lived as the stock has yet to break above its resistance level.
NASDAQ: AAPL Remains Unfazed By The iPhone 15 Launch
According to the latest reports, iPhone sales account for almost 40% of Apple’s yearly revenue. However, after the recent launch of the iPhone 15, Apple stock price has failed to experience any significant buying pressure. This suggests that many investors find the stock to be overvalued at the current level.
Apple Inc. is currently the biggest company in the world, with a market capitalization of $2.77 trillion. The stock of the American tech giant has generated astronomical returns since the start of 2023. However, the bulls have failed to gain any strength above the 2022 peak of $183.
Apple Stock Price Prediction
I have repeatedly mentioned the significance of the $183 level in my previous forecasts. This level is the most critical level on the following chart, which is acting as a strong resistance level. Due to a rejection from this level on the weekly timeframe, Apple stock price prediction is not looking quite bullish to me.
A breakdown below the $172 support level may push the price toward the 200 MA, which currently lies at $165. Due to the FOMC meeting on Wednesday, the price action is expected to remain volatile this week. Analysts are expecting the US Fed to keep the rates constant in this week’s meeting.
In the meantime, I’ll keep sharing updated Apple forecast and my personal trades on my Twitter, where you are welcome to follow me.
