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Kroger tops Q3 views amid steady grocery demand
News
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Asset Watch

Can Apple bear fruit over the next few weeks?

 

Tuesday, May 31, 2022

Is iPhone maker Apple about to face a reality check? Best Buy – one of the largest consumer electronics retailers in the U.S. – claimed there has been, “softer demand” for technology when it reported its earnings on May 24.

CEO Corie Barry noted a, “gradual shifting of spend from stay-at-home purchases to more experiential spend on services and the activities many were unable to enjoy during the pandemic. That trend has continued into the beginning of Q2, and it does not appear that it will abate in the near term.”

Therefore, as spending habits swing from electronics to in-person activities, Apple’s products may not be on consumers’ menus. On the other hand, an interesting pattern has developed.

For example, the last four times Apple sunk below its 200-day moving average, it backtested the breakdown and eventually recouped the critical level. Moreover, with the dynamic on display right now, history may prove prescient once again.

However, Apple must recoup $150.55 – a level that coincides with the July/November 2021 highs and the March 2022 lows – to make a run at the 200-day MA of $159.50. But with Apple ending the May 27 session at $149.64, we won’t have to wait long for an answer.

In contrast, a rejection at $150.55 puts $138.60 in play. The level coincides with the September/December 2020 highs, the February 2021 highs and the October 2021 lows.

As such, will Apple’s next $10 move be up or down?


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