“It’s been a scary October for tech investors, but there’s one stock that’s managed to buck the trend: Apple,” Nia Warfield reports for CNBC.
“Shares of the tech giant are down just more than 4 percent since the start of the month, faring better than the broader tech sector, which has fallen nearly 10 percent in the same time frame,” Warfield reports. “This comes as other tech darlings have plunged into corrections and bear market territory.”
“According to Carter Worth, head of technical analysis at Cornerstone Macro, the charts are suggesting a breakout for Apple when it reports earnings later this week,” Warfield reports. “Shares of the iPhone maker have jumped more than 21 percent since 2016 and they are the second best-performing Dow stock this year. Despite the gains, Apple is still down more than 6 percent from its all-time closing high of $232.07 from earlier this month. However, Worth notes that the stock’s ability to stay within its upward trend channel in the past two years suggest Apple is ‘going to move toward the top end of the range.'”
Read more in the full article here.
MacDailyNews Take: From Carter’s charts to Mr. Market’s ears!