Apple tests $348 resistance ahead of iPhone Duo launch

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Apple faces key test before launch

Foldable iPhone Duo opens new premium market

One of the main corporate events is the approaching launch of the foldable iPhone Duo, scheduled for October 23. Apple has already warned that initial stocks of the device in retail stores will be limited, meaning that the availability of certain configurations may vary significantly.

The new device, priced from $1,999, opens up a new segment of premium smartphones for the company, where Samsung and other manufacturers have previously been more active. However, the high price also limits the potential customer base, so investors will primarily assess Apple's ability to establish sustained demand for this new category of devices.

Another upcoming event is the October 28 presentation, where new MacBook Pro models with OLED displays and touch controls, an updated iMac, and other devices are expected. The expanded product lineup could support sales during the holiday quarter, although the commercial impact will depend on product availability and consumers' willingness to pay higher prices for new features.

Quarterly earnings will test growth expectations

The main financial event remains the release of Apple's fiscal fourth-quarter 2026 earnings report on November 2. According to current estimates, analysts expect revenue of approximately $113.36 billion and earnings of around $1.98 per share. For comparison, in the previous quarter, the company earned $2.02 per share, exceeding the consensus estimate of $1.89, while year-over-year revenue growth was approximately 16.4%.

Apple's own forecast calls for revenue growth of 9–11% in the September quarter, with iPhone sales expected to post double-digit growth despite currency fluctuations and certain supply constraints. Particular attention will be paid to iPhone 18 Pro performance, sales trends in China, gross margins, and revenue from the services division.

At the same time, Apple maintains a strong ability to generate cash: free cash flow over the past four quarters is estimated at approximately $136.7 billion. This provides the company with financial flexibility, although with a market capitalization of around $5 trillion, investors are placing increasingly high demands on future earnings growth.

Technical outlook favors bulls above $340

In the near term, AAPL's performance will depend on consumer response to new devices, Nasdaq dynamics, and expectations for quarterly results. Amid doubts about the returns on massive investments in artificial intelligence, Apple may continue to attract capital as a company with a more predictable cost structure, although its high valuation makes the shares vulnerable to a broader deterioration in market sentiment.

AAPL's rebounds from support around $340–342 indicate that the stock retains the potential for further gains, with the bulls' nearest target once again being resistance around $348. A break above this level, as I warned in Apple shares trade near $341 amid earnings expectations and medium-term resilience, would lead to a rise toward $350–360, but profit-taking on long positions following the release of the new iPhone Duo should not be ruled out.

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