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Trends & Analysis
News

Week Ahead Preview: 20th of May

News

Walmart’s stock hits record high on Q1 results

News

Crude oil rises on US supplies, inflation data

News

Another nice quarter for NVIDIA?

News

Alibaba delivers earnings miss, shares slide

News

USD edges lower ahead of key economic reports

Asset Watch

Is it Apple’s time to shine?

Tuesday, November 7, 2023

Despite outperforming analysts’ earnings estimates on Nov. 2, tepid sales in China and cautious guidance caused the stock to underperform the S&P 500 on Nov. 3. But iPhone demand remains “very solid, even in China, in a very tough macro environment,” according to Oppenheimer Senior Analyst Martin Yang.
“We’re not seeing iPhone declining versus the past down cycles because they benefit from an [average sales price] mixed shift to the higher end models, as well as a very robust emerging market growth,” he added. “Service revenues also complements very well on a down cycle with higher margin revenues.”
So, thanks to resilient fundamentals plus a constructive technical backdrop, could Apple reward the bulls in the months ahead?

The price action on the right side of the chart highlights how Apple rallied off its 50-week moving average two weeks ago, as the level remains key support. It mostly acted as an anchor leading up to the March through July 2023 rally, and also became resistance during the October 2022 upswing.

 

More importantly, the gray rectangle on the left side of the chart showcases a similar set-up. In late 2021/early 2022, Apple enjoyed a sharp rally, pulled back to its 50-week MA, and then nearly recouped its previous highs. As a result, a re-enactment could result in plenty of upside.

 

So, has Apple’s uptrend only just begun? Or was last week’s strength a mirage?


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