Can Apple (AAPL) stock ride the hype from its virtual reality headset to a fresh all-time high?
In this sneak peek from Action Alerts PLUS, Action Alerts PLUS team member Bob Lang said a look at Apple's chart signals a run to $200 could be on the table.
FULL VIDEO TRANSCRIPT BELOW:
JD DURKIN: All right, and finally I'm curious what you see in the chart specifically for a name like Apple. That stock opened at an all-time high ahead of the developers conference event. That was, of course, on Monday of this week. That was the level it has more or less maintained since. What does the current chart tell you about what might be next for that stock, Bob?
BOB LANG: Well, the stock pretty much, again, as you said, hit a new all-time high earlier in the week and backed off quite significantly, as it always does in front of these events. You know whether they have an event usually in September, they'll have a new event that announces maybe a new iPhone. That may be coming out in about three months. This Worldwide Developers Conference often comes out with new ideas and so forth.
And this time around, came in with a new AR, VR glasses called the Vision Pro. $3,499 to buy one of these devices. Expensive. But listen, Apple has a great track record for bringing out new products. And even if they're expensive, they do sell a lot of things going forward. I think of the Apple heads out there who buy Macs, they buy iPhones, the iPads, and so forth are still going to come out and support their support their products as they have for the past 35 years.
So I think that Apple stock backing off a little bit into the mid $170s would be helpful and constructive to allow other people to get back in here. But I certainly think that with the chart the way it is, JD, $200 probably not too far off.
