Apple wowed the world Tuesday with a slew of new products and updates.
From the new iPhone 6, to the tech giant's first smartwatch, CEO Tim Cook captured the attention of investors and consumers alike.
But while all eyes seemed to be on the new product pipeline, Apple's stock saw some volatile swings. Shares soared more than 2 percent after the iPhone 6 announcement, and then dropped sharply before closing nearly a half of a percent lower after pricing was announced.
So, will the whipsaw action in the stock continue, and where could Apple be headed longer term?
"Opinions are like iPhone's today, everyone has one. I prefer the charts," joked Auerbach Grayson's Richard Ross. "From a purely technical standpoint, I'd be a seller of Apple on today's news."
Ross pointed out that immediately after the company's iPhone 5s announcement last year, the stock dropped 11.5 percent, and suggested that the stock could see a similar selloff in the near term. "We're up 55 percent since [the iPhone 5s announcement], that's $200 billion in market cap. That's like adding a Facebook in a year."
Ross used the key 50-day moving average and 200-day moving averages to set a price target of $90 per share, a 10 percent move down from current levels.
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"In this business we buy the mystery and sell the history," he added. "All the signs are there, you want to be trimming profits if you have them."
As far as the fundamentals for Apple, Oppenheimer's Andrew Burkly thinks the stock is a must have for your portfolio for three reasons: the stock has strong earnings revisions, it's well below its five-year valuation peak and there is positive price momentum.
"Fundamentally, we believe Apple continues to set itself apart with its user-friendly interface and positive user experience."