Apple stock eyes alternative buy point

Apple stock is looking to break past an alternative buy point, Investor’s Business Daily highlights.

Apple logoMatthew Galgani for Investor’s Business Daily:

Apple stock joins fellow tech stocks to watch Microsoft (MSFT), Nvidia (NVDA) and PayPal (PYPL) on IBD Leaderboard. Apple is a half position on Leaderboard. Based on a simulated $1 million portfolio of up to eight stocks, a half position in AAPL represents a $62,500 stake. Microsoft, Nvidia and PayPal are also half positions.

Tech stocks have been driving the big rebound off the coronavirus lows in March, and Apple has helped lead that charge. Like PYPL, AAPL stock has found support at its 10-week moving average as it tries to close in on a fresh all-time high.

As Apple stock consolidates, it’s taking aim at an alternative entry from the Oct. 13 high at 125.39, says a MarketSmith analysis. The relative strength line has slipped lower as Apple bases but is beginning to trend higher.

Taking into account all stock splits, AAPL stock is also looking to make an all-time high by clearing the 138 mark.

MacDailyNews Note: After hitting an intraday high of $124.57 earlier today, the price to buy Apple stock remains up approximately 1.30% on the day.

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