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Trends & Analysis
News

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News

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News

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News

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Asset Watch

Does Apple look tasty after the recent pullback?

Thursday, August 10, 2023

After Apple’s third-quarter earnings/guidance disappointed investors, it’s been an energetic sell-off ever since. And with the iPhone maker ending the Aug. 8 session down by more than 9% from its July high, Rosenblatt Securities analyst Barton Crockett is neutral on the stock in the months ahead. He wrote on Aug. 4:
“A slowdown in the U.S. seems likely to last until a material new product category takes hold. And that is uncertain both in timing and success, leaving little reason to favour shares now trading near peak absolute and relative multiples.”
However, with negativity often breeding opportunity, has the Big Tech behemoth already found support?

On Aug. 7-8, Apple bounced near its 100-day moving average, and the key level acted as support following the breakout in January and the pullback in March. The 100-day MA was also a major resistance level near the end of 2022, so it could have the opposite effect now that it’s working in the bulls’ favour.

Apple’s daily RSI did sink below 30 on Aug. 7, so the metric stands near the low set when Apple formed a lasting bottom in January. While S&P 500 seasonality is typically choppy in August – and Apple is the index’s largest constituent – if it can hold the 100-day MA, the risk-reward seems attractive for new entrants that missed the initial upswing.

Will Apple make a quick comeback, or is more pain in store before its bull market resumes?


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