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Trends & Analysis
News

Week Ahead Preview: 17th of February

News

Europe stocks hit record high on strong earnings

News

BRIC currencies mostly gain as US inflation rises

News

Refresh your portfolio with Coca-Cola?

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GBP/USD price may rally to multi-week high

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EIA ups oil output forecast, but supply fears loom

Trends & Analysis
News

Week Ahead Preview: 17th of February

News

Europe stocks hit record high on strong earnings

News

BRIC currencies mostly gain as US inflation rises

News

Refresh your portfolio with Coca-Cola?

News

GBP/USD price may rally to multi-week high

News

EIA ups oil output forecast, but supply fears loom

Asset Watch

Does Apple have more room to run?

Thursday July 18, 2024

With Big Tech underperforming in recent days, investors have gone bargain hunting by scooping up some of the laggards. However, as Morgan Stanley raised its Apple price target from $216 to $273 and labelled it a Top Pick on Jul. 15, its team of analysts wrote,
“What the market still underappreciates today, is just how material the impending [iPhone] upgrade cycle can be.”
“While historically we’d contemplate 230-240m annual iPhone shipments in a strong cycle, these factors portend that annual shipments could reach 260-290m units, significantly higher than the 230-235m iPhone shipments the market is currently pricing in for each of the next 2 years.”
Earnings uncertainty is intensifying single-stock risks, so technical analysis can help you position for more upside while still protecting against large drawdowns.

Apple’s 5-week moving average (the blue line) has been a reliable trend indicator, as it’s acted as support during medium-term rallies over the last couple of years. Therefore, the bulls remain in control as long as Apple trades above it.

If it falters, Apple could retest the breakout above the July and December 2023 highs (the horizontal white line). After that, the 50-week MA (the yellow line) is a long-term trend indicator that has played an important role over the last several months.

Apple is perched high right now, and there is likely considerable downside if the 5-week MA breaks. Consequently, you should place your stop-loss order slightly below the 5-week MA to avoid false breakdowns and protect against a meaningful retracement.

Can the iPhone maker keep the momentum going even as other Big Tech titans correct, or is it only a matter of time before the bears take a bite out of Apple?


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