“Apple has fallen prey to the trade war-triggered market sell-off, tumbling 11% in just a week,” Keris Lahiff reports for CNBC.
“But a propitious development in its charts could signal a massive rally, says Matt Maley, equity strategist at Miller Tabak,” Lahiff reports. “‘It’s seeing a golden cross. That’s when a rising 50-day moving average breaks above a rising 200-day moving average, and I’m usually not a big fan of that indicator but it’s been a very compelling one for Apple,’ Maley said Monday on CNBC’s Trading Nation.”
“The last three times the stock experienced a golden cross – in 2009, 2013 and 2016 – it rallied around 540%, 110%, and 130%, respectively, through to its peak years after,” Lahiff reports. “‘So if this stock can turn back up, that indicator would tell you it just might be see a good run,’ said Maley.”
Read more in the full article here.
MacDailyNews Take: Who here among us Apple shareholders wouldn’t enjoy a rally of 540%, or 130%, or even 110%?
One might think that once a U.S.-China trade deal is brokered and inked, a major drag on AAPL – indeed, a club that is wielded by naysayers and shorts whenever they wish to beat down the share price – will have have been vaporized.
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