This Indicator Signals Apple (AAPL) Stock Could Hit $230 - Bank of America

August 18, 2022 8:07 AM EDT
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Price: $149.84 -1.27%

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    45 Buy, 18 Hold, 5 Sell

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    Up: 11 | Down: 15 | New: 37
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Apple (NASDAQ: AAPL) stock has staged a remarkable recovery after a 2-month rally from June lows helped shares nearly completely erase YTD losses.

With shares up more than 30% from their June lows, Apple is now closing in on the all-time high set in January this year.

Stephen Suttmeier, the technical research strategist at Bank of America, sees a potential for another remarkable rally in Apple shares.

“Renewed leadership on new all-time highs vs SPX provides a bullish leading indicator for AAPL's absolute price chart,” the strategist said in a client note.

For Apple stock to comfortable break above the $200 mark, bulls will need to hold the 157-150 support area, which would set up a bullish head and shoulders (H&S) continuation pattern.

“A breakout above the 2022 to December 2021 peaks near 176-183 would confirm this pattern and the potential for further upside on AAPL into the 230s,” Suttmeier added.

Apple stock rally is not a big surprise given the history of shares outperforming into the new iPhone launch. The iPhone 14 launch is expected to take place on September 7, according to Bloomberg.

By Senad Karaahmetovic

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BofA/Merrill Lynch, Senad Karaahmetovic