Note: Our price target was hit on 16.11.2016
Clearly Silicon Valley is not happy about the election results. NASDAQ100 is down 2% since then. Although Apple (AAPL) had better than expected demand for Iphone 7 and have new products on the pipeline (such as the new Macbook), the stock is down nearly 5% since the elections, trading at $106.50 now.
So shall we expect further drops on Apple share price (sp)?
We would say the Apple share is oversold right now. Any price lever between $104 – $105 can create a good buying opportunity. On the bounce the sp should hit $109 first. There will be a bit of a resistance at this level. Once it is passed, the new target price will be $111.50.
Once our targets are met, we will update our analysis.
This cannot be considered as an investment advice!!