Apple targets $370–380 as bulls challenge key resistance
AAPL is up about 1.6% on November 11, trading around $354 as it continues its attempts to break through resistance near $350 following a recent correction to $330–325. On the 4H chart, Apple shares remain above their major moving averages, with short-term indicators concentrated around $344–346, the medium-term moving average near $336–338, and the long-term average around $325–326.
360.83
360.83
Unlike several other major technology companies, Apple has demonstrated relative resilience, partly due to its financial results being less dependent on massive investments in AI infrastructure.
Strong iPhone sales support the outlook
The main fundamental support for the stock comes from Apple's fourth-quarter fiscal 2026 results, released on November 2. Particularly important were record quarterly iPhone sales and a new all-time high in services revenue.
For the current holiday quarter, management forecasts sales growth of 7–10%, but expects gross margin to decline from 47.9% to 45–46%. The main reason for this deterioration is the sharp increase in memory chip prices, driven by growing demand from the expansion of global artificial intelligence infrastructure. Thus, even Apple's relatively moderate capital expenditures do not shield the company from the indirect effects of the AI investment boom.
Foldable iPhone Duo draws investor attention
One of the main corporate factors on November 11 remains the assessment of the prospects for the new foldable iPhone Duo, introduced in October at a starting price of approximately $1,999. Despite its high price, demand for the device has been strong enough to push delivery dates for certain configurations into January 2027.
At the same time, early reviews have identified certain issues, including a noticeable display crease, software shortcomings, and isolated complaints about screen damage. This creates uncertainty over the device's ability to sustain sales growth after the initial surge in interest.
Another positive signal came from China Renaissance's upgrade today from Hold to Buy, along with an increase in its price target from $280 to $425. Analysts believe the foldable form factor could trigger a new upgrade cycle among existing Apple users. Meanwhile, Morgan Stanley highlights the company's strong free cash flow and more disciplined approach to AI spending as advantages amid concerns about the returns on investments made by other technology giants.
AAPL could extend gains after a breakout above $355
Another attempt by the bulls to break through resistance around $350–355 increases the chances of a breakout and a rise in AAPL toward $370–380. Pullbacks to $340–330 and lower may be used as buying opportunities. A break below the latter level, as stated in Apple tests record highs as rising production costs threaten margins, would lead to a decline toward $310–300.
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