“After three tough months for Apple, the tech giant is finally finding a bottom, according to one trader,” Stephanie Yang reports for CNBC.
“Apple shares are down more than 20 percent since November due to concerns about slowing iPhone sales and a difficult economic environment in China,” Yang reports. “But that selling makes this the ideal time to make a bullish play on the stock, according to Andrew Keene of AlphaShark.”
“Keene believes that new products will give Apple a much-needed boost. Keene also noted that the company is still holding plenty of cash,” Yang reports. “‘In the short term, we might get some volatility… [but] it is starting to consolidate here,’ Keene said Thursday on CNBC’s ‘Trading Nation.’ ‘This is a tug of war between the bulls and the bears to see who wins… And Keene says the bulls now have the edge.”
Read more in the full article here.
MacDailyNews Take:
[Thanks to MacDailyNews Readers “Fred Mertz” and “Dan K.” for the heads up.]