Apple Stock Faces Final Resistance Before Breaching $200- Here's The Latest NASDAQ: AAPL Forecast

Apple Stock Faces Final Resistance Before Breaching $200- Here's The Latest NASDAQ: AAPL Forecast

Apple stock (NASDAQ: AAPL) has been rallying since the release of its 2nd fiscal quarter results. However, the price has been facing resistance from a key level due to the increased volatility in the US equities driven by the recent economic data and the US Fed policies.

On Wednesday, Apple's shares opened at $189.51, but the buying pressure pushed them above $192 during the early hours of trading. At press time, the tech giant's stock is up 1.09% for the day. The positive price comes amid a bearish sentiment in the US equities as the benchmark S&P 500 index is down 30 points.

Apple's Chinese Sales Rebound After Price Cuts

According to the latest Apple news, the recent price cuts on iPhones have resulted in a strong rebound in sales. The better outlook on the sales in the company's largest overseas market could also be one of the possible reasons behind the ongoing bullishness around Apple stock.

As per the CNN calculations, foreign-branded cell phone shipments surged 52% in April. Considering the historical trend, a vast majority of these shipments are iPhones. This increase is a sharp increase from the 12% growth in March.

In other news, some Apple users who owned iPhone 7 or 7 Plus could be entitled to up to $349 after a potential settlement. This comes as a result of the class action lawsuit that was filed in 2019 about audio issues in Apple devices. According to the settlement administrator's website, the $35 million settlement received preliminary approval last year.

Apple Stock Price Prediction & Technical Outlook

Considering the NASDAQ: AAPL daily chart, we can clearly see that the stock faces resistance from the $193 level. Just slightly above this resistance, there is an upward trendline from which the price broke down in February.

For Apple price prediction to maintain a bullish outlook, bulls need to clear the supply, which lies just above $193. This could give bulls enough momentum to retest the key psychological level of $200, which is also an all-time high for the stock.

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