Apple Inc. (NASDAQ:AAPL): Apple stock broke above its long-term trendline resistance after earnings beat

 


Apple stock gapped up above the key trendline resistance at the opening on Friday and continued its rally, 4.69% to close at $173.57, after the company reported better-than-expected fiscal Q2 2023 earnings. Apparently, the sky isn't falling for Apple.

Here's what the world's greatest value investor, Warren Buffet, whose equity portfolio owns about 5.8% of Apple Inc., told the media at the Berkshire Hathaway annual meeting on Saturday,

"Apple is a better business than any other we own...We don't have anything like that that we own 100% of, but we're very, very, very happy to have 5.6%, or whatever it may be, and we're delighted every 10th of a percent that goes up."

In our view, Apple stock could be heading next to test $188.06, representing a $3 trillion market cap, before the release of iPhone 15 in September 2023. Unlike Tesla (NASDAQ:TSLA) with their perpetual price cuts, Apple could raise the price of the iPhone 15 Pro and Pro Max by as much as $200 each.

This note contained herein is not and should not be construed as a recommendation to buy or sell. Click here to view the latest update!


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