AAPL Ebbs After Friday's Record Highs

The blue chip just introduced monthly payments from some of its products with Apple Card

Lillian Currens

Digital Content Manager

Jun 8, 2020 at 9:53 AM

AAPL

Apple Inc. (NASDAQ:AAPL) stock is taking a step back from Friday's all-time highs atop the $331 level, off 0.2% at $330.70 at last check. This move comes amid news that users of the tech giant's Apple Card will soon be able to pay for some of its products, including iPads and AirPods, in monthly, interest-free increments. Users with an Apple Card are already able to use the feature when purchasing iPhones.

Before today, the equity's rally past February's record highs looked nearly unstoppable, with solid support at the 10-day moving average guiding the stock higher. In fact, AAPL has only ended two of its last eight sessions in the red. Quarter-to-date, the security is up roughly 30%.

Optimism among analysts is still strong, with 21 of the 26 in coverage calling the blue chip a "buy" or better. Meanwhile, the consensus 12-month price target of $317.90 is a slim 4.1% discount to current levels.

A pullback from last week's highs could already be in the cards for AAPL. The equity's 14-Day Relative Strength Index (RSI) of 71 indicates that it's already on the cusp of overbought territory.

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