Apple Inc (NASDAQ:AAPL) will be reporting its third-quarter earnings on Thursday. Wall Street expects $1.34 in EPS and $84.36 billion in revenues as the company reports after market hours.
The stock is up 13% over the past year, almost 19% YTD.
Let's look at what the charts indicate for Apple stock, and how the stock currently maps against Wall Street estimates.
Apple Stock In Strong Bullish Trend Ahead Of Q3 Earnings
Apple's stock is exhibiting a strong bullish trend, as its current share price of $224.50 is above its 5, 20, and 50-day exponential moving averages, signaling strong upward momentum.
Chart created using Benzinga Pro
The 8-day simple moving average (SMA) is at $220.33, which supports a bullish outlook, while the 20-day SMA stands at $225.36, indicating some bearish sentiment. Despite slight selling pressure, the stock remains resilient, as the 50-day SMA at $212.17 further confirms a bullish sentiment.
Additionally, the 200-day SMA at $189.35 emphasizes a long-term bullish stance for AAPL.
Chart created using Benzinga Pro
The Moving Average Convergence Divergence (MACD) indicator is at 1.81, reinforcing the bullish trend.
Although the Relative Strength Index (RSI) is 54.3, suggesting that Apple may be approaching overbought territory, the Bollinger Bands (25) ranging from $211.20 to $235.84, and the stock treading towards the upper bullish band – support a bullish outlook.
Overall, the technical indicators point towards continued strength in Apple's stock, with potential caution advised due to slight overbought signals.
Read Also: How To Earn $500 A Month From Apple Stock Ahead Of Q3 Earnings
Apple Analysts See About 10% Upside
Apple Ratings & Consensus Estimates: The consensus analyst rating on Apple stock stands at a Buy with a price target of $233.55. However, recent analyst ratings from TD Cowen, Raymond James, and Baird suggest a 9.88% upside for Apple, with an average price target of $246.67.
AAPL Price Action: Shares of Apple are down 0.9% to $220.02 at the time of publication Thursday.
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