Asset Watch
Thursday, July 20, 2023
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?