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Apple’s stock is currently trading at 349.05-lower by 0.76% as compared to the previous closing price.
Stocks of iPhone-maker fell today after news that it is planning to reclose certain stores in Arizona and Florida due to a rise in coronavirus cases. Apple was among the first to temporarily close locations outside of China earlier in the current year, and it had been slowly reopening stores. The iPhone maker is due to address developers in the next week at its annual WWDC developer event.
In other news, investment bank Jefferies raised its price target on the iPhone maker’s stocks to $405 per share from $370 per share. The investment bank, however, maintained a buy rating on stocks of Apple. Jefferies’ price target represents an upside of about 15% from the stock’s previous closing price. Stocks of iPhone maker touched a record high earlier today. Stocks of Apple have rallied around 19% so far in 2020.
On the technical front, the RSI is currently at 67.23% and suggests that the market can move in the downward direction. The current price is below the MA5. The current price is above the middle line of the Bollinger Bands but is heading downwards.
Overall Bias is Negative and short-term trades can be initiated with below mentioned Stop Loss and Profit targets.
TRADE SUGGESTION- LIMIT SELL AT 349.30 TAKE PROFIT AT 347.30 STOP LOSS AT 350.30