Apple (Nasdaq: AAPL) is back riding higher and up by 10 points due to news of confirmation of its deal with China Mobile to distribute iPhone on the Chinese carriers vast network.
"China Mobile and Apple have been in talks of cooperation, but there is no confirmation we can disclose at the moment," Rainie Lei, China Mobile's spokewoman told in a report by CNBC.
When asked by CNBC regarding the Apple-China Mobile deal, Apple said that it would not comment on "rumors and speculation." Despite non-confirmation from both parties, rumors of the deal had a positive effect on AAPL.
Apple plunged from its high of over $700 in Sept. 2013 and continued to go down to below $400 in April 2013. Since then, experts on Wall Street wrote off Apple. Shah Gilani, Money Morning Capital Wave Strategist, begged to differ. He had been advising investors to buy AAPL Stocks since June 2013.
The tech giant had faired well on Thanksgiving Day with its stocks at $526 to $555. Due to news of its deal with China Mobile being sealed off, AAPL is up 10 points.
In an interview on Fox Business, Gilani predicted that AAPL stocks will reach a new high above $700 if the market continues to hold up.
"If the market continues to do better and momentum comes, returns, to the market in the first quarter, which I'm a little doubtful of, Apple is gonna soar. I can see a new high," Gilani explained.
"The next big resistance is $585," Forbes reported.
If the market continues to rise, Gilani's prediction for AAPL might just come true and Apple will reach its new high in 2014.
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