After a near 180% rally higher since the lows of the pandemic in 2020, Apple shares have consolidated in a tight range.

In fact, the shares are down more than 10% from the all-time of ~$145.00 recorded on 25 January 2021, giving an Apple a market cap of around ~$2.1 trillion.

However, that has not stopped one analyst forecasting Apple could reach a market cap of $3 trillion in 2022! Dan Ives of Wedbush just made a huge call on Apple stock.

What do the charts say?

Source: Admirals MetaTrader 5, #AAPL, Monthly – Data range: from Jul 1, 2006, to Jun 8, 2021, performed on Jun 8, 2021, at 8:30 pm GMT. Please note: Past performance is not a reliable indicator of future results.

The monthly chart of Apple’s share price above shows a recent consolidation that has not happened in Apple’s history, going back to 2006. Prior to this consolidation, the shares have been in a strong trend.

Over the long-term, it’s clear to see the recent bounces, or turns, in the share price around the 20-period (blue) exponential moving average and 50-period (red) exponential moving average.

Currently, the price is still far away from its 20-period moving average. If the price does fall further, this could be an interesting area for some investors.

Source: Admirals MetaTrader 5, #AAPL, Weekly – Data range: from Nov 5, 2017, to Jun 8, 2021, performed on Jun 8, 2021, at 8:30 pm GMT. Please note: Past performance is not a reliable indicator of future results.

Shorter-term traders may look towards the weekly chart of Apple’s share price. This also shows some recent turning points around the 50-period moving average and the 100-period (green) exponential moving average.

These levels could provide interesting zones for traders to keep an eye out over the long term – especially if Wedbush’s call for 2022 is correct!

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