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Trends & Analysis
News

Crude oil spikes on US inventories report

News

Does Apple have more room to run?

News

Gold spikes to new highs on Fed remarks

News

GBP/USD price may correct lower

News

Goldman Sachs’ stock surges on upbeat Q2

News

Caution ahead of Netflix’s earnings?

Asset Watch

Is India’s iPhone appetite Apple’s next upside catalyst?

Thursday, July 20, 2023

With Apple reporting earnings on Aug. 3, all eyes will be on whether the Big Tech behemoth’s fundamentals can keep pace with its stock price. However, as India’s iPhone demand looks poised to boost its quarterly performance, optimism could be contagious.
Counterpoint Research noted that “Apple is riding this ‘premiumization’ wave, reaching record shares in multiple new markets which are typically not considered its core markets. A prime example is India, where it grew 50% YoY in Q2 2023.”
Morgan Stanley’s team led by Erik Woodring told clients, “We are bullish on India as an emerging growth driver for Apple, and forecast the country accounting for 15% of Apple’s revenue growth and 20% of installed base growth over the next five years.” They also increased their 12-month price target from $190 to $220.

If CEO Tim Cook validates India’s iPhone performance during the earnings call, it could provide more fuel for the bullish fire.

In the meantime, momentum remains robust, and the 20-day moving average has been reliable support since the March breakout. The blue line shows buyers continue to step in at the 20-day MA, and higher highs have manifested afterwards. As such, trend-following traders should remain long until the 20-day MA breaks.

Up next, the 50-day MA could be secondary support, as medium-term uptrends are often defined by whether stocks hold above their 50-day MAs.

So, will Apple’s hot streak continue, or should we expect a cooling-off period first?


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