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Apple’s stock is currently trading at 349.95-higher by 1.98% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 1.9%. The stock has continued gaining after the opening bell.
Citi raised its 12-month price target on the iPhone maker’s stocks to $400 per share from $310 per share. The firm, however, reiterated a buy rating on stocks of Apple. Citi’s price target represents an upside of 17% from the stock’s previous closing price. The firm sees the iPhone-maker to host a press event in September to announce new 5G iPhones.
The availability of new 5G iPhones will be slightly later than in the past due to the coronavirus pandemic, which temporarily slowed R&D. Citi predicted that the new iPhone 12 5G phones to be available in mid-October or November. The firm expects room for Apple to gain share form Huawei, which could drive around $8 billion in incremental sales. Stocks of iPhone maker touched a record high last week. Stocks of Apple have rallied around 18% so far in 2020.
On the technical front, the RSI is currently at 68.88% and suggests that the market can move in the upward direction. The current price is above the MA5. The current price is above the middle line of the Bollinger Bands and is heading upwards.
Overall Bias is Positive and short-term trades can be initiated with below mentioned Stop Loss and Profit targets.
TRADE SUGGESTION- LIMIT BUY AT 349.40 TAKE PROFIT AT 354.50 STOP LOSS AT 347.00