What's going on moon gang, i hope that you're having an awesome day so, if you've been keeping up to date with my videos, there's a pretty good chance that you know i am very bullish on apple, fortunately for all of us in the moon gang the good News keeps rolling in in this video. I will be going over another massive price target upgrade and after that i will be doing a technical analysis of apple stock. I will be mapping out the key levels of support and resistance, so we know what price levels to watch over the next few trading days before i get into that, though, as a quick reminder, don't forget about all that good youtube stuff. If you enjoyed this video, it would be great if you could drop a like and if you haven't already don't forget, to join the moon game by hitting the subscribe button.

All that engagement really helps me out and now, let's get started as of wednesday december 9th applestock has a new bull case. Price target of 200 per share amid clear uptick in iphone 12 demand wed bush analyst dan ives lifted his price target on apple to 160 per share the highest on wall street and his bull case target is 200 per share and of course he has an outperform Rating citing a clear uptick in iphone demand in both the us and china, i've said sales of the iphone 12 could approach the 80 to 85 million unit level by next year, well, ahead of its prior forecast of between 65 to 70 million. This was his reasoning with more order activity kicking in over the last few weeks for the iphone 12. Our initial reads are very bullish and give us incremental confidence in our super cycle thesis on the iphone 12..

We believe pre-orders track more than two times its predecessor. The iphone 11. he continued by saying. We believe that this will translate into an unprecedented upgrade cycle for apple with a major holiday season on the horizon.

In the last earnings announcement, it was reported that iphone sales were down and that's most likely because the iphone 12 was slightly delayed. That revenue was made up for, though, by increased sales in macs, ipads and wearables moving forward, i'm expecting the next earnings announcement to be a complete blowout. Clearly, there is a lot of demand for the iphone 12, and on top of that, the other sources of revenue are doing very well. I am specifically interested in apple one, the company's bundled services package apple is a premier technology company, and i strongly believe that if you have a long enough time frame, its stock will produce sizable returns, speaking of which, let's check out the charts.

Well, when the market closed for the day, things were not pretty. Three of the major indices were all down and, in fact, take a look at this. It was just a giant sea of red anyway. Apple lost two percent today, which puts its stock at 121 over the past week.

It's down one percent, but all the other major time frames are looking pretty good. Here is the current technical situation that apple is in it hit its all-time high of 138. In early september - and this came on the back of the company's four for one stock split - but when that actually went through there was a pretty brutal sell-off down to 103. from here.

The bull camp did come back fighting and they managed to post a new relative high at 125, but then there was a sell-off down to 107, which did mark a new higher low from there. There was a small bounce apple was range bound between 116 and 121 and then up until today, the stock was riding this trend line, but now we're seeing a small breakdown. As of now, i'm really not too worried because twice before the stock was able to recapture this trendline, but if this breakdown does hold, it would mark a second rejection at 125.. If the bearish momentum continues, support might be found between 118 and 120 and past that we would be looking at 112.

from the current level. Those would be declines of roughly 3 and then to get to 112. That would be a drop of 8 percent. However, if this is simply a bear, trap like it was twice before the first resistance, i would watch would come at 125, which would be a gain of 2.8 past that we have the high from late august, which would be 129 and a gain of 5.6.

And then, for those of you are curious for apple to get back to its all-time high. It would need to gain 13 as things currently stand. There really isn't too much going on in the rsi moving forward i'll be looking for one of two things to happen. I'll be looking for apple to get right back up into this wedge or i'll, be looking for a bounce off of one of these supports and then a return to the wedge, but to get a better idea of what might happen in the immediate future.

Let's see what's going on in the four hour time frame before i jump into this time frame, i wanted to quickly mention that the name of this charting software is tradingview and for those of you who are interested, there's a link to a free 30-day trial in The description of this video, if you sign up it, is a great way to support this channel anyway, back to apple for pretty much all of september and october apple stock was consolidating. It went from a bull flag to a bear flag back to a bull flag. Then it became range bound between 116 and 121 and most recently it's been battling it out at this region of resistance, namely 124, and now it looks like it was rejected. Right now, apple stock is at 121, which happens to be previous support and resistance.

If the bears push apple below that, i would then watch 118ish and past that i would be watching 112. if apple were to return to this bottom price level. You can bet that i would be loading up on more shares of the company. Now, i'm in no way saying that this has to happen.

In fact, i think there's a better chance of apple bouncing somewhere up here, but i would like to bring your attention to these two key points. As you can see, between december 1st and december 9th apple stock managed to hit a new relative high, but the rsi didn't. This is referred to as bearish divergence and it's commonly assigned that the stock is about to drop or at least consolidate, and that's what we're seeing right now granted after today's action, the rsi has cooled off quite a bit, so this could definitely be the end of It, but i would recommend paying attention to the overall market because there's a very good chance that, if that drops, it will drag apple with it. On more of a personal note, i am invested in apple, and my cost basis is right around 117, and on top of that, i own call options on this stock with a strike price of 125 and an expiration date at december 18th.

In terms of the apple shares that i own, i am a long-term investor, so i don't plan on selling them anytime soon, but in terms of the option contracts, i'm really starting to wonder if i should have sold them early this morning, because today played out in A pretty brutal manner, all in all, i'm still a long-term bull on apple. In fact, i think the stock will be much higher years down the road in the short term, though, i'm looking for apple stock to stay above 118 and definitely stay above 112.. As things continue to develop both fundamentally and technically, with apple i'll, make sure to keep you updated in future videos and also keep you posted on how my options play works out so make sure you have your notifications turned on. I would love to know your thoughts on apple in a comment below.

Where do you think the stock will go between now and the end of the year? And if you have any questions, i would be more than happy to answer them in future. Videos so feel free to post those as well. If you enjoyed this video, it would be great if you could drop a like and if you haven't already don't forget, to join the moon game by hitting the subscribe button. All of your support is truly appreciated and, if you're new to trading or if you're, simply looking for a new trading, account, there's a link to the weeble trading platform.

In the description of this video, the company is currently running a promotional deal where, if you sign up make a deposit of 100 you'll, be awarded four free stocks. So it's definitely worthwhile to check out thanks for watching and until next time best of luck in the markets. You.