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Apple shares hit a fresh all-time high on Tuesday, HSBC maintains its price target for the stock, sees more retail potential

HSBC was reported to have maintained its price target for Apple Inc (AAPL) at $193. However, it stated that Apples brand was just “scratching the surface of its retail potential”. The bank also maintained its “Buy” rating for the stock.

Apple shares closed higher for a fourth consecutive trading session on Tuesday. The stock went up 1.39% ($2.32) to $169.04, after touching an intraday high at $169.64 and also a fresh all-time high.

In the week ended on October 29th the shares of the technological company added 4.35% to their market value compared to a week ago, which marked the best performance since the week ended on August 6th.

The stock gained 9.68% in October, which marked the third gain in the past four months.

For the entire past year, the shares of the NASDAQ-listed company rose 10.03%. The stock has gained another 45.95% so far in 2017.

“Consumers are buying the spirit of the brand and the way it makes them feel about themselves and in society”, HSBC analyst Erwan Rambourg was quoted as saying. Rambourg also considers Apple as being a “luxury stock”, Seeking Alpha said in a post.

There has been growing optimism among investors over the sales of Apples keenly anticipated iPhone X. Pre-orders of the device began on October 27th, while shipments are expected on November 3rd.

According to CNN Money, the 32 analysts, offering 12-month forecasts regarding Apple Inc’s stock price, have a median target of $180.00, with a high estimate of $208.00 and a low estimate of $140.00. The median estimate is a 6.48% surge compared to the closing price of $169.04 on October 31st.

The same media also reported that 24 out of 36 surveyed investment analysts had rated Apple Inc’s stock as “Buy”, while 6 – as “Hold”. On the other hand, 1 analyst had recommended selling the stock.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, today’s levels of importance for the Apple stock are presented as follows:

R1 – $169.28
R2 – $169.53
R3 (Range Resistance – Sell) – $169.77
R4 (Long Breakout) – $170.51
R5 (Breakout Target 1) – $171.37
R6 (Breakout Target 2) – $171.74

S1 – $168.80
S2 – $168.55
S3 (Range Support – Buy) – $168.31
S4 (Short Breakout) – $167.57
S5 (Breakout Target 1) – $166.71
S6 (Breakout Target 2) – $166.34

By using the traditional method of calculation, the weekly levels of importance for Apple Inc (AAPL) are presented as follows:

Central Pivot Point – $160.64
R1 – $166.01
R2 – $168.97
R3 – $174.34
R4 – $179.71

S1 – $157.68
S2 – $152.31
S3 – $149.35
S4 – $146.39

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