Benzinga - by Zaheer Anwari, Benzinga Contributor.
- Apple has planned a digital launch event for May 7.
- Investors are closely watching to see if the upcoming product launches will provide the momentum needed for Apple's stock to rebound.
With a digital launch event scheduled for May 7, Apple Inc (NASDAQ: AAPL) is on the verge of some interesting developments, especially with its iPad lineup. Enhancements to the iPad Pro and a potential size increase for the iPad Air are highly anticipated.
Additionally, a refresh of the iPhone lineup with new colors is expected, which is always a hit with consumers. There will also be announcements at Apple's Worldwide Developers Conference (WWDC) in June, where the focus on artificial intelligence (AI) could lead to groundbreaking advancements in AI technology, enriching Apple's product ecosystem or introducing innovative AI-centric services.
Apple's upcoming launches arrive at a pivotal moment for the company, with its stock performance experiencing volatile periods. Since July 2023, Apple's shares have been caught in a consolidation phase, moving between $165 and $200.
As of now, the stock is lingering around the $165 level, which is a critical support area. So far, 2024 has posed challenges for Apple, with its stock taking a 12% decline. A stark contrast to the impressive 48% surge seen in 2023.
Investors are keen to see if the new product launches could be the catalyst Apple's stock needs to rebound from support to revisit the all-time high.
The question now is whether Apple can break through the solid $200 resistance level and chart a new trajectory for its stock in the upcoming months.
After the closing bell on Friday, April 26, the stock closed at $169.30, trading down by 0.35%.
This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.
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