Apple $120 Target by Sept 2022
I am posting a $120 target for Apple based on the price action volume support seen at the $120 levels in convergence with the support and resistance trendlines starting to form in the recent downturn. This downturn can also be confirmed by the near trigger of a death cross which we could see officially turn over with enough bearish volume on the stock today. Apple is the equity that has been a haven for 2021 and will be the one to watch as we teeter on the last levels of support on the SPY and QQQ. Hopefully, I will be looking to add around $120 by September 2022, as indicated by the convergence of my short-term support and resistance trendline. The $120 price target would imply a -16% drop from current levels for 4 months. Since we are seeing an all-time high ATR for Apple at $5.51, we should expect the uptick in volatility to swing into a consolidation phase, thus supporting my thesis of a 4 month slow burn instead of a quick depreciation in price.
These four months should also include further unloading of the fed corporate bond balance sheet and further increases to the fed funds rate, which should place additional pressure on this year's blue-chip & haven mega-cap equities.
The price target for Apple is my first idea post attempt! Hopefully, it helps. Good luck!
Not Financial Advice; please do your research
These four months should also include further unloading of the fed corporate bond balance sheet and further increases to the fed funds rate, which should place additional pressure on this year's blue-chip & haven mega-cap equities.
The price target for Apple is my first idea post attempt! Hopefully, it helps. Good luck!
Not Financial Advice; please do your research
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