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Trends & Analysis
News

Tesla shares spike despite earnings miss

News

Gold loses some shine after hitting record highs

News

Avoid the tech wreck with PayPal?

News

Week Ahead Preview: 22nd of April

News

P&G shares rise despite Q3 sales miss

News

Gold continues to shine amid geopolitical worries

Asset Watch

Will Apple stay sweet?

Thursday, March 16, 2023

With bank failures eliciting fears of another financial crisis, Moody’s Investors Service — a credit rating agency – wrote on Mar. 14:
“We have changed to negative from stable our outlook on the US banking system to reflect the rapid deterioration in the operating environment following deposit runs at Silicon Valley Bank (SVB), Silvergate Bank, and Signature Bank (SNY) and the failures of SVB and SNY.”
As violent shifts in sentiment are poised to persist, could Big Tech be a relative sanctuary? Wedbush analyst Dan Ives raised his Apple price target to $190 on Mar. 8, citing a solid recovery in China. He wrote:
Apple Stock Chart Trading View

“Our Asia iPhone supply chain checks this week have been incrementally more positive with a modest uptick in demand coming out of China“ which “is a good sign that shows a steady demand curve on the flagship iPhone 14 Pro in March/June.”

 

Hiding out in Apple could prove to be prudent until the macroeconomic environment becomes more prosperous.

 

Apple’s 200-day moving average is a steady driver of support and resistance. And with the iPhone maker bouncing off the key level on Mar. 13, the technical outlook remains constructive. Additionally, Apple’s rising support line provides an extra cushion, and the uptrend should continue if one of the levels holds.

 

So, should you stick to large caps until these banking issues are resolved?


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