Apple's Resilient 6% Rebound - Overcoming A 16% Dip And Eyeing New Heights Following Positive Earnings Results

• Apple's iPhone sales had a 2.8% increase, showcasing the enduring appeal of the company's flagship smartphones.
• Mac and iPad sales have significantly declined, with Mac sales dropping by nearly 34%.
• Despite a marginal dip in revenue to $89.50 billion, Apple's net income impressively rose by 11% to $22.96 billion.
• Apple reported a Q4 earnings per share of $1.46, outdoing the projected $1.31.

Despite a broader decline in hardware sales, Apple Inc AAPL has defied the trend with its flagship product, the iPhone.

iPhone sales saw a modest yet significant 2.8% increase, shining as a beacon of growth amidst the downward trend of its hardware offerings.

This surge in iPhone sales reveals the enduring appeal of Apple's smartphones, even as the company navigates a challenging economic landscape.

Mac and iPad sales have experienced a significant decline, with Mac sales seeing a particularly sharp drop of almost 34% in the past year.

This highlights the intense competition and changing market dynamics that Apple is currently dealing with.

Their financial performance continues to impress despite a slight decrease in reported revenue by 1% to $89.50 billion. Their net income saw a remarkable increase of 11% to reach $22.96 billion.

Apple's Q4 earnings report exceeded expectations as the company reported earnings of $1.46, surpassing the estimated $1.31.

This strong performance bolstered investor confidence, leading to the stock opening the day higher with a gap of 1% when the market opened. The stock was up 2% at the market close.

Apple's stock has had an impressive 36% increase in value for the year. However, there have been some obstacles along the way.

In July, the stock reached its highest point at $198, but it then experienced a 16% decrease by October.

Fortunately, during this time, the stock found stability by utilizing the weekly 50 simple moving average as support.

November has seen the stock make a strong recovery, with a nearly 4% increase.

This upward move has lifted the stock 6% higher than its low in October, indicating a possible shift in momentum.

Investors monitoring the stock's technical performance should pay attention to the next important milestone, the previous year's high resistance level at $182.

If the stock price continues to rise and surpass this level with good momentum, it could potentially challenge and even exceed the all-time high.

After the closing bell on Thursday, November 2, the stock closed at $177.57, trading up by 2.07%.