Apple Inc. (AAPL) continues to climb higher midday, notching new session highs. The equity is currently trading above its 52-week high ($348.60) set on January 19.
Technically speaking, APPL has been moving largely higher over the past 23 months and is currently above its 50-day moving average of $330.31 and above its 200-day moving average of $285.83. The stock is now poised to challenge heavy resistance at the $355.00 level.
From a valuation perspective, AAPL still does not look expensive. The shares trade at a trailing P/E of 19.68, a forward P/E of 13.52 and a P/E to Growth ratio of 0.73. The median Wall Street price target on the stock is $425.00 with a high target of $550.00.
Apple continues to have heavy support at the $342.00 area. For a breakout into new highs use $353.25 as the next pivot point.
At last check, AAPL was up $6.08, or 1.75%, to $352.58. Day’s Range: $347.64 to a 52-wkh of $353.25