Asset Watch
Thursday, April 25, 2024
With several bullish developments scheduled for the months ahead, Apple could outperform its Big Tech counterparts in the back half of 2024.
To play it, you should monitor Apple’s 100-week moving average. The key level provided support in June 2019 and during the COVID-19 sell-off in March 2020. And while plenty of technical damage has occurred on the daily chart, the long-term uptrend remains intact from a weekly perspective.
If Apple does struggle on May 2, the $157 area marks the highs set in September 2021, October 2022, and January 2023. Similarly, the 200-week MA is not that far behind near $153. Otherwise, buying any weakness in the days ahead could prove fruitful for the Apple bulls.
So, could Apple blossom in H2 2024, or does the risk still outweigh the reward?