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Apple Could Make Additional Gains Ahead Before Launch Event

Long
NASDAQ:AAPL   Apple Inc
Apple shares could post additional gains ahead of September 14 Launch event where the company usually present its new products.
This time Apple is expected to present Iphone 13, AirPods 3, brand new Apple Watch Series 7 with a widescreen. The company may also talk about its efforts to launch new MacBook. Analysts expect Company’s revenues to top $120 billion for the next year.
If we look at the long-term trend for Apple shares, it was smooth in November 2008 – May 2016. But since then it has accelerated to an exponential growth since January 2019. Since than shares soared by more than 340%, while company’s revenue increased by 400%.
Nevertheless, Apple shares are still seen attractive in the short-term despite climbing to the new all-time highs. And to understand this we have to look at the Apple shares monthly chart where it is clear that they have terminated correction in June and resumed climbing.
If we consider the depth of this correction from $145.09 to $116.21 next target upside levels may be recorded at $159.53 and $162.93. Long-term targets are at $174 and $185 respectively. The strong support level for the moment is at $150-151.5, highs of July, with a trend line from June 3 crossing these values. It prices would scale back to this support buy position may be considered as a perspective idea.
Moreover, Apple shares may perform better than the market ahead of the Launch Event, as it was on Tuesday when they gained 1.56% vs decline of Dow Jones index by 0.76% and S&P 500 by 0.34%.