Shares of Apple (AAPL) just caught triple-bottom support at its 200-day moving average, and is starting to pivot higher. It’s also over-extended on RSI, MACD, and Williams’ %R. From its last price of $183.22, we’d like to see it challenge $188 initially.
The stock could push even higher when Apple starts talking about AI again. At the moment, analysts believe that could happen in June at the Apple Worldwide Developers Conference.
“Apple hasn’t publicly talked about its AI efforts in details, and concerns have been around the company… lagging other tech giants in the race. We note that the company has been making notable progress in recent months,” wrote Citi analysts, as quoted by Barron’s. “Worldwide Developers Conference (WWDC) may mark the announcement of various Apple AI tools.”
In addition, according to Wedbush analyst Dan Ives, “We believe the ‘Super Bowl moment for Apple’ will be when Cook & Co. finally take the covers off the generative AI technology being worked on in the labs of Apple Park and introduce it to developers and consumers at WWDC in June followed by the exclusive AI features we expect to be included on iPhone 16.”
