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Trends & Analysis
News

Week Ahead Preview: 2nd of October

News

Carnival shares sink despite Q3 profit

News

US dollar eases from 10-month high

News

Gold price tests a multi-month low on a stronger USD

News

Micron shares slide despite upbeat results

News

Will gold hold or fold?


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Asset Watch

Can Apple continue its hot streak?

 

Tuesday, August 2, 2022

With the bulls back in control, July was the S&P 500’s best month since November 2020. And with Amazon and Apple outperforming analysts’ quarterly estimates on Jul. 28, optimism spread quickly across Wall Street.

 

Apple CEO Tim Cook told analysts during the third-quarter earnings call that “we’re going to accelerate revenues in the September quarter as compared to the June quarter,” he added “we’re encouraged by the strong response from customers to our incredible lineup. iPad, like Mac, continued to see strong demand during the June quarter despite ongoing supply constraints.”
Apple Stock Chart Trading View

While many U.S. companies struggle with teetering consumer demand and abnormally high inflation, Apple showcased immense resiliency. But will it be enough for the stock to surpass its May highs?

Apple gapped up on Jul. 29 and closed above its 200-day moving average, which is a solid gauge of long-term uptrends. Apple also closed above its September 2021 highs and its rising support line (which became resistance) drawn from the September 2020 lows. As a result, the technicals are in sync with Apple’s robust fundamentals.

However, the next hurdle is near Apple’s November 2021 and May 2022 highs of roughly $166.38. So even though the 200-day MA provides meaningful support at $158.94, the big tech titan ended the Jul. 29 session at $162.51, and the next ~$4 move is crucial.

So, is a breakout on the horizon? Or is long/short trading in the $158.94 to $166.38 range the best approach?


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