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Trends & Analysis
News

Week Ahead Preview: 10th of February

News

Amazon’s shares slide despite Q4 beat

News

PepsiCo’s shares climb despite Q4 sales miss

News

GBP/JPY price may drop to a Multi-month low

News

Alphabet’s shares plunge despite Q4 earnings beat

News

Gold Price Outlook – Will Gold hit a new all-time high?

Trends & Analysis
News

Week Ahead Preview: 10th of February

News

Amazon’s shares slide despite Q4 beat

News

PepsiCo’s shares climb despite Q4 sales miss

News

GBP/JPY price may drop to a Multi-month low

News

Alphabet’s shares plunge despite Q4 earnings beat

News

Gold Price Outlook – Will Gold hit a new all-time high?

Asset Watch

Is Apple nearing another buy signal?

Tuesday, January 9, 2024

It’s been a bears’ paradise across U.S. equities as the New Year has gotten off to a rough start. While Apple felt the brunt of investors’ wrath, the recent suffering could be a buying opportunity.
We noted the importance of Apple’s 50-week moving average in a previous edition. In late 2021/early 2022, the stock recorded a sharp rally and pullback, bounced near the 50-week MA, and then roughly recouped its previous highs. The analysis proved somewhat prescient as a similar development occurred from mid-to-late 2023.
Back then, investors sold the stock due to negative headlines about Chinese government officials reportedly being banned from using iPhones. Now, recent downgrades from Barclays and Piper Sandler are the latest downside catalysts. The latter wrote:
“We are concerned about handset inventories entering into 1H24 and also feel that growth rates have peaked for unit sales… [while a] deteriorating macro environment in China could also weigh on the handset business.”

Yet, with a third iteration unfolding, the white arrows highlight how, unless major events occur, the 50-week MA (near $176) is often a reliable support level. To play it, you could average into the stock and invest 1/3 of your position maximum. That way, you profit if the stock bounces immediately but still have capital left over to obtain a lower average price if Apple keeps falling.

Will the optimists benefit from another overreaction, or is Apple headed materially lower?


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