Apple Inc. AAPL shares are trading higher by $0.72 at $119.77 in Tuesday's session. In a red tape, Gene Munster of the newly-formed Loup Ventures has provided a boost to Apple's share price.
The former dean of Apple analysts sees 78 million iPhone sales for the quarter, which is stronger than expected. In addition, Munster is bullish on iPhone sales for the remainder of the year. While the consensus on the Street for iPhone sales growth for the year to be around 7 percent, he's predicting a rise of 9-11 percent.
After a lower open, the stock immediately bottomed at $118.22 and began to move higher. So far, the ensuing rally has taken the issue to the psychological resistance level of $120.00. That marks the first time the issue has seen that level since November 9, 2015, when it peaked at $121.81 and ended the session at $120.57.
It should be noted the issue fell to $116.77 when the company cut component orders by 10 percent due to weak iPhone 6s sales.
Apple will release its Q1 earning report after the bell on January 31.
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