Apple stock price ahead of the “California streaming” event
- The Apple stock price has fallen in the past four straight days.
- The decline is partly because of the recent antitrust ruling.
- Focus shifts to the company’s “California streaming” event.
The Apple (NASDAQ: AAPL) stock price declined for the fourth straight day as investors continued focusing on the recent verdict and the upcoming event. The stock is trading at $149.50, which is about 5% below its all-time high, valuing the company at more than $2.5 trillion.
Apple event next
The Apple stock price declined after the split antitrust verdict by an American judge. The judge ruled that the company did not have a monopoly in the app store industry. However, she also asked the company to take measures o allow developers to offer their payment platforms inside the app store.
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Analysts believe that the ruling will not have a major impact on Apple’s booming services business. Besides, most people will prefer using Apple’s payment platform because of its ease of use. In a note, an analyst at Evercore said:
“Overall, we think the eventual impact from here will be driven by – a) how many developers will continue to use AAPL’s payment system for ease of use and b) will gamers really stop a game mid-way to go to a website and purchase the needed widget?”
The next key catalyst for the AAPL stock price will be the upcoming California streaming event on Tuesday. The September event is mostly focused on hardware.
Analysts expect that the company will launch the next iteration of the iPhone, Apple Watch Series 7, iMac, MacBook Pros, and other wearables. The company will also likely launch a redesigned iPad Mini. Historically, the Apple stock price tends to have some moderate volatility during and after the event.
Analysts have relatively mild estimates about the Apple stock price. Those at Jefferies expect the shares will rise to $175 while those at Credit Suisse believe that it is fairly priced at $150. Those at UBS, Evercore, JP Morgan expect the stock will rise to $180.
Apple stock price forecast
The daily chart shows that the AAPL stock price has been under pressure recently. The current price is slightly above the key support at $145, which was the highest level in January this year. It was also along the upper part of the ascending triangle pattern. The stock is also being supported by the 50-day and 25-day moving averages.
Therefore, the shares may be doing a break-and-retest pattern, where it retests the key level at $145 and then resumes the bullish trend.
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