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Trends & Analysis
News
Crude oil declines after two days of gains
News
Which MA will rule the S&P 500?
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Walgreens shares spike on upbeat Q2 results
News
European stocks record gains after volatile week
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Higher highs for Hilton?
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US dollar records gains on positive economic data

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Asset Watch

Should you take a bite out of Apple?

 

Wednesday, February 8, 2023

Despite sell-offs gripping the S&P 500 and the NASDAQ Composite on Feb. 3, Apple was a noticeable outperformer. Even though the iPhone maker missed analysts’ Q1 estimates on both the top and bottom lines on Feb. 2, CEO Tim Cook was optimistic during the earnings call.
He said:
“We set an all-time revenue record of $20.8 billion in services, which was better than what we had expected. We achieved double-digit revenue growth from App Store subscriptions and set all-time revenue records across a number of categories, including cloud and payment services.”
And as for the iPhone’s weakness, he added:
“We believe iPhone [sales] would have grown during the quarter had it not been for the supply shortages.”

While market volatility should remain until central banks tame inflation, could Apple be a healthy addition to your portfolio?

On Feb. 3, Apple closed above its 50-week moving average for the first time since August. The grey arrows show how the 50-week MA essentially marked the bottom in March 2022 and the top in October 2022. Likewise, after an initial close below the key level in March 2020, Apple regained its composure and continued its uptrend.

On top of that, Apple’s weekly RSI ended the Feb. 3 session at 57, which is far from overbought. With prior rallies hitting or exceeding the 70 thresholds, the upside potential remains as long as Apple holds its 50-week MA ($150.67).

So, could you be a buyer at these levels?


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