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How a 37% Soar Could Propel Apple to a $4 Trillion Valuation by 2024

Apple is set to grow taller, potentially stretching its branches to an astounding $4 trillion valuation by the close of 2024. A milestone beckoning in the not-too-distant future after Apple stock confidently planted its flag on new record highs recently.

Just last Friday, with Apple stock trading at $187, investors watched as the tech giant looked to close above its previous resistance level of $183 for the second consecutive week. In the parlance of market analysts, this indicates a firm and definitive breakout.

For those not up-to-speed on trading lingo, a ‘breakout’ refers to a stock price moving outside a defined support or resistance level with increased volume. The significance? This “bullish long-term development” now sparks off a new price target of $254 per Apple share, signifying a potential 37% upside from the present. If this lofty goal is reached, it will rocket the iPhone juggernaut to an unprecedented $4 trillion market valuation. How’s that for scale?

This evaluation is based on today’s current outstanding shares of 15.79 billion. Katie Stockton, the founder of Fairlead Strategies, illustrated the trajectory: “The breakout forecasts a measured move towards about $254, with the Covid/2020 corrective low serving as a reference point. This ‘measured move’ suggests that the uptrend preceding the 2021-2022 trading range is back on track.”

Stockton earmarks the end of 2024 as the checkpoint for this price target, and it seems that Apple’s stock uptrend is ready to continue its impressive ascent in the near term.

“No counter-trend signals are blipping on the radar yet. Although a pullback doesn’t appear imminent if it does develop, initial support is at the rising 20-day moving average,” she noted. This 20-day moving average is currently hovering around the $181 per share mark for Apple.

It’s been a fruitful year for the Cupertino-based company, with Apple stock skyrocketing 44% so far in 2023, providing a sizeable boost to the S&P 500’s year-to-date gain of about 14%. Adding to this momentum, Apple recently announced its foray into the AR/VR market with the Apple Vision headset, priced at $3,499, slated for release early next year.

Presently, Apple’s valuation stands at a cool $2.96 trillion. The magic number for crossing the $3 trillion mark is a stock price of $190.73, tantalizingly within reach at just a little over $3 from current levels.

As Apple continues its march towards these uncharted territories, the tech colossus offers an exciting proposition for investors and tech enthusiasts alike, one that we should all keep a keen eye on.