- Summary:
- The Apple stock price is set to hit another high when it opens for trading on Wednesday. What is driving the relentless surge?
The Apple stock price surge seen in the last two months is not letting up, as the stock touched off a new all-time high yesterday. This followed the report of Bloomberg News to the effect that the company has asked suppliers to boost production of its iconic iPhone to 90 million units.
This represents a 20% jump in production. The company looks to cash in on the anticipated increase in demand ahead of the latest 5G-enabled iPhone’s release in September. The new device features extensive upgrades to its display, camera and processing power. Apple has not confirmed or denied the news.
Apple stock price has jumped to 148.30 in premarket trading, which would mark a new high once more.
Apple Stock Price Outlook
A breach of the 147.46 resistance level opens the gateway towards the 151.68 price mark (78.6% Fibonacci extension), with 155.85 and 160.60 serving as potential targets to the north.
On the other hand, 139.97 and 137.93 serve as new targets for sellers, but only if they can initiate a breakdown of the 144.68 support. If the correction is more extensive, 135.94 and 131.95 could come into the picture.
Apple Stock Price: Daily Chart
