Apple Gets Shaken Out Of Its Doldrums
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Apple Inc. (NASDAQ: AAPL) shares were trading higher by $1.40 at $130.02 in Thursday's session. One catalyst for the issue has been a hike for iPhone quarterly sales estimates by 11 percent at Stifel. The firm raised its estimate from 54.9 million phones to 59.6 million.
The other and more likely catalyst for the rally is Apple has finally broken out of a trading range since March 20. Over this period, it has stuck between $122 and $128.57, traversing through this area on multiple occasions.
Now with the launch of the Apple Watch looming, coupled Stifel's hike in sales and technical breakout, shorts may be throwing in the towel. Keep in mind, when one analyst starts raising estimates for iPhone sales, many analysts may soon follow in fear of being left behind.
The all-time high for Apple stands at $133.60 and its all-time closing high was made on February 23 at $133.
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