Apple shares climb above key support level after rating upgrade

On Wednesday, Apple shares climbed above a key support level in a bullish sign after Deutsche Bank analyst Jeriel Ong turned positive on the stock.

Apple shares climb. Image: Apple logoPatrick Seitz for Investor’s Business Daily:

The consumer electronics giant is well-positioned for when the market stabilizes, he said.

Apple stock jumped as much as 4.8% higher to 258 in morning trading on the stock market today. But it ended the regular session down 0.6% to 245.52.

Earlier in the session, Apple stock climbed above its 200-day moving average line and retook its 40-week line. However, it closed the session just below those lines. Also, it’s still trading well below its 50-day and 10-week moving average lines.

When a stock retakes its 200-day moving average it is taken as a major step toward building a new base.

MacDailyNews Take: Obviously, we have an issue. It’s a major issue, but a temporary one. The 5G Mother of all iPhone Super Cycles looms!

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