Apple Inc.(NASDAQ:AAPL) shares are moving back above $600 mark in the opening session on Friday after losing below $600 in yesterday’s session for the first time in the past one week. The stock is now up 0.84% to $603.92 in first few minutes of session.
Shares of the company have been showing bullish signal over the past couple of weeks. Since June 28, the stock has gained over 6% after showing strong consolidation in the previous one month. Moreover, the stock had been showing solid support at its 50-day Moving average of $569.
The recent breakout was driven by host of developments coming from the company including the company’s launch of new iPad in China next week. The launch was overdue as the company was sued by Hong Kong-based Proview over the trademark of Apple's iconic tablet computer. Both the companies had reached a settlement and Apple is all well to launch its iPad next week.
On the other hand, there are host of rumors circulating in the market about the company’s upcoming iPhone5 which is expected to be launched in October this year. Numbers of photos have been showing several new features, but keep in mind those are just rumors.
Traders can expect increased volatility in coming weeks as the company is all set to report its earnings on Jul 23, 2012. Analysts are estimating the company to report $10.39 a share on revenue of $37.41 billion. In a year ago quarter, the company had reported $7.79 a share on revenue of $28.57 billion.
From the technical prospective, AAPL has created higher tops and higher bottom, which is a bullish signal. The stock has supports at $569 and $558. Resistances are at $612 and $618.