What's going on moon gang, i hope you're having a phenomenal day. My name is matt and on this channel we share ideas in order to make better investment decisions. In this video, i will be discussing the technology goliath apple, which is set to have its fourth quarter. Earnings announcement after the market closes on thursday october 29th, i'll briefly be covering what the analysts are saying, leading up to this announcement i'll be doing a technical breakdown of apple stock and i'll also be explaining why i just bought more shares of the company, but before I get into all that fun stuff if you're new to the channel, don't forget to join the moon gang by hitting the subscribe button.

My goal is to hit 5 000 subscribers by the end of this year and if you could help me out with that, it would be truly appreciated. Also, it would be great if you could drop a like, because it lets me know if you enjoy this type of content, and it also really helps with getting this video in front of other people who may be interested and now with that out of the way. Let's rock and roll: this is what wall street is saying as we're getting closer to apple's q4 earnings report. The september quarter may seem like the corporate equivalent of a lame duck for apple, because the newly unveiled iphone 12 will not be included in the figures.

The consensus forecast is for a revenue of 64 billion and per share profits of 71 cents atlantic equities, analyst uh. I have no idea how to say that name. So i'm not even going to try assume coverage of apple lifting the firm's rating to overweight from underweight and setting a price target of one hundred and fifty dollars. Cities.

Jim suva sees potential upside driven by ipads, macs and wearables, saying work from home and stay at home trends continued to drive an uptick in consumer tech spending during the quarter, suva maintains a buy rating on the stock and a price target of 125 dollars. Cowen's chris sankar repeats his outperform rating and 133 dollar price target. He thinks september quarter. Results will be in line with street estimates driven by strong demand for ipads and max raymond.

James analyst, chris caso, has an outperform rating for apple evercore. Isi analyst amit repeats his outperform rating and 135 dollar price target, while adding a tactical outperform element to his call and finally, rbc capital's robert mueller kept his outperform rating and has a price target of 132. truthfully. This article has some pretty interesting details, so i would recommend checking it out.

It could be found on barron's. To sum it up, though, wall street appears to be extremely bullish on apple heading into the q4 earnings announcement. Now i'm well aware that wall street analysts get things wrong. A good portion of the time, but i must admit it does make me feel a bit more comfortable that they're currently in agreement with my long position on apple, because the iphone 12 was recently released.

Those sales will not be included in this quarter's revenues, but hopefully we'll get a better idea for how much demand there is. I personally believe, if apple can somehow top 75 to 80 million units. The stock will really pop and now that we know what the analysts are saying, let's switch over to apple's daily chart alrighty. Then, if you're watching this video, there's a pretty good chance that you already know apple trades under the stock symbol aapl when the market closed for the day, it was just under 117 at this price level.

That means that apple once again has a market cap over two trillion dollars. Thus far on the year, apple stock is up a pretty respectable 59. Since the recent high on october 13th apple has been selling off, but i think the tides are changing and i'll explain that in more detail in just a bit for those of you keeping score apple is now positive in the month of october, if you've been keeping Up with my recent videos related to apple you'll be familiar with this analysis. Since march apple has been putting in higher lows, which is very bullish from a technical perspective, and recently it put in a new higher high relative to the previous one.

In my most recent apple video, i was calling for a bounce off of this support and that was for two main reasons: number one. There was a lot of demand to be found at the support of one hundred and twelve dollars and number two. It would be a continuation of the overall technical pattern if this bounce ends up holding and not being a fake out. The next resistance would be at 119, which would be a gain of two percent if the bull camp can push the stock.

Above that, i would then be paying attention to the recent high around 125, which would be a gain of 7.5 from there as a reach goal. I would then be watching the next resistance at 129, which also aligns with this top trend line. That would be a gain of over 10 and as a side note just so you know, the all-time high of 138 would be a gain of 18.5 percent. On the flip side, though, if this mini bullish, upswing ends up becoming some sort of cruel joke, that's just getting my hopes up.

The first support would be a decline of almost four percent, and if the bears pushed the stock below that, we would then be looking at the region between 103 and the psychological level of 100, which would be a decline of 14. I'm well aware that either of these scenarios could play out, but to better explain why. I think the bullish scenario is more likely. Let's switch over to the 4-hour chart after apple's brutal sell-off in early september, the stock went from a bull flag to a bear flag to a bull flag, and you should also take note that every time there was a transition, the overall range became smaller and smaller.

This is an important side note, because in the world of stocks, periods of expansion are followed by consolidation and vice versa, in other words, because apple has been consolidating so much recently, i'm expecting a large move in the near future and have my fingers crossed that. It's upwards anyway, moving on the last two trading days for apple have been pretty interesting. Yesterday, the overall market took a hard hit of 2, but apple stock held strong, and there was actually a bullish undershoot of this support at 112, then, in an even more impressive bullish manner, the stock was able to break out of this downward channel, which has now Set up a test of the next resistance at 119. on the daily chart.

I mentioned that the next resistance would come at the previous high of 125, but you can see on this time frame that there is actually another resistance around 123.5, which was the start of this bull flag. Interestingly enough, it also roughly aligns with the start of the newest bull flag, which, from a technical perspective, means that the bull camp has their work cut out for them. If we want to see 129 because of the hype and excitement surrounding the next earnings report, we may see a continuation of this move which could open up a test of 119 before the report is even released. But the move after that, whether up or down, will be completely dependent on.

What's in that report and how well the earnings call goes as we saw in that article wall street isn't expecting anything amazing in this report. So this could end up being one of those buy. The rumor sell the news type of deals and, if that happens, the stock may retrace back to this support at 112.. But with that being said, if the demand for the iphone 12 beats expectations, i'm calling for the stock to break through this resistance at 119 and then test the next one around 123.

If you have a medium to long-term view on your apple investment, i think the next earnings report will be an absolute blockbuster, because apple is extremely well positioned to have an incredible holiday season. Personally, i'm planning on holding my shares of apple for the long haul and in my last video i told you i would be buying more shares if the stock ever returned to 112. Well, i'm here to let you know. Two days ago i bought more shares of the company.

I ended up splitting my full order into halves. The first 50 fill was placed at 113 and then the other half was placed at 111. As of now, only the first one was filled and to better understand why i did this. Let me switch over to the two hour chart, so i knew i wanted to buy shares of apple around the 112 dollar mark, but i ended up straddling it at 113 and 111 because i saw technical signs that the stock was about to bounce and i didn't Want to miss the boat.

I made this decision because of three pieces of evidence. Number one. There's excitement going into the next earnings announcement and as demand increases, so does the price number two from a technical perspective, the stock was in a bullish structure, known as a bull flag. That was approaching this incredibly important support of 112.

and number three. Perhaps the most persuasive piece of evidence is that there was bullish divergence in the rsi. This means that the stock's price was making a new relative low, but the rsi wasn't. This tends to signal that the sellers are getting a bit tired and when you pair that, together with this support, the bullish technical structure and the excitement for the upcoming earnings report, i thought that the stock could bounce a bit early.

That's why i placed one of my orders at 113 and if i ended up being wrong, there was another at 111, which would give me my average of 112, which is what i wanted in the first place to me, i saw it as a win-win, and just So you know the risk for that. New group of stocks is set to 100, as things continue to develop both fundamentally and technically i'll, make sure to keep you updated in future videos, i'm fully planning on making another video related to apple. At the end of this week, so make sure you have your notifications turned on to briefly sum things up. I am extremely bullish on apple stock and i'm planning on buying more shares in the future.

Hopefully i'll be able to hold them for years to come, because i honestly feel that this investment will be able to produce an incredible return. But as a word of caution in the near term, the overall market faces some serious risks, including economic slowdown, a second wave of the virus and an increase in volatility because of the presidential election so be prepared with. That being said, though, these are my own opinions and there's a chance that i could be wrong, so make sure to do your own research. I would love to know your thoughts on apple stock in a comment below.

Are you going to buy before the earnings announcement, or are you going to wait for the dust to settle thanks for watching until the end of the video? I truly hope you found some value in it. If you're interested in my charting software there's a link to a free 30-day trial in the description of this video there's, also a link to the weeble trading platform. They're, currently running a deal where, if you sign up and make a deposit of 100 you'll, be awarded. Three stocks, which could potentially be valued up to sixteen hundred dollars.

If you enjoyed the video, don't forget to drop a like, and if you're new to the channel, don't forget to join the moon gang by hitting the subscribe button thanks for watching and until next time. Best of luck in the markets.