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.
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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