Apple stock approaches new buy point

Apple stock may be approaching a new buy point. Apple shares jumped into record high territory after its record Q320 (ended June 27, 2020) earnings report. Apple’s record June quarter was driven by double-digit growth in both products and services and growth in each of the company’s geographic segments. The Cupertino Colossus surged to a market capitalization of over $2 trillion. But with a pullback in Apple stock, many investors are wondering if AAPL stock is a buy right now.

stock chart

Patrick Seitz for Investor’s Business Daily:

Since the bounce back from the lows of the coronavirus stock market crash, Apple stock has been outperforming the broader market.

AAPL stock has an IBD Relative Strength Rating of 83 out of 99. That puts it in the top 17% of stocks for performance over the past 12 months.

On Nov. 30, Apple stock got a boost after investment bank Morgan Stanley said the company is one of the best 5G wireless investment plays. AAPL stock closed the regular session on Dec. 22 at 131.88.

Apple stock is not a buy right now, but it soon could be.

AAPL stock has formed a cup base with a buy point of 138.08, according to IBD MarketSmith charts.

MacDailyNews Note: Nancy Gondo reports for Investor’s Business Daily, “Most stocks spend weeks, if not months, consolidating in bases. As a stock completes a base, it will set up an optimal buy point — the price at which it clears resistance and the stock could rise quickly… What if a stock gaps above the buy point? In such a breakaway gap from a base, you can use the high of the first five minutes of trading as an alternative buy point.” Check out Gondo’s full article for an example Apple chart that explains buy points.

11 Comments

    1. Agree…these reports are curious. “Buy now” when the stock approaches ATH? Seems like when it was going sideways in the 100-teens would have, at least, brought 10-15% gains if purchased then…but no such buy admonitions?

    2. And, Bitcoin hits a new ATH. Buy point today? I’d wait…look for a dip. Then again, low 20k’s may be history. Upward as the stimulus/fiat deflation spending hedge and stocking stuffer for this Christmas.

  1. Apple is slowly creeping up to its former highs which is a good sign. As near as I can tell, everything Apple has is in demand and most of its products are being discounted to get customers to spend their money. I’ll be satisfied if Apple reaches $140 before year’s end and it does seem possible even after the AppleCar distraction is forgotten. It’s very nice to see Apple with a P/E of 40 and outperforming the other FANG stocks this year despite the pandemic. It’s a shame many of the Apple Retail Stores have been closed down as I’m sure they would have seen plenty of holiday traffic. It makes sense to close down their stores, so it is what it is. Apple is still going to have a terrific holiday quarter and that I can be thankful for that even if the share price doesn’t go up much higher. I think the stimulus package is in limbo right now but I can wait.

    So many people are being careless, especially in California, but at least in NYC, there are plenty of people being vaccinated against CoViD-19. I hope next year will be much better with less virus outbreaks. NYC is a financial mess, but I’ve been lucky as a senior citizen and I’m happy to follow whatever rules they have to keep people from spreading the virus. Here’s to a better and safer 2021.

    1. Cuomo famously created a huge death toll for elderly people in nursing homes by MANDATING COVID positive patients be put back in to, or must stay in nursing homes. As a senior citizen you might want to move beyond CNN and NYT to better understand just how their “rules” are “keeping people from spreading the virus”.

      Maybe, just maybe there is more to this then an honest attempt to “help people”. Don’t be so happy to “follow whatever rules they have”. Remain a free and independent American… please don’t assume they have your best interests in mind. Read other sources of information beyond the propaganda press and don’t let them take away your basic freedoms in the name of anything…

      1. Coumo and Gavin Newsom obeyed the deep state and democrats socialist orders to destroy people lives and businesses, so they will get rewards from Santa Clause. But it was backfired because Trump stopped the stimulus going to many different foreign countries but wil boomerang back to corrupted politicians instead Americans only have $600. Deep state and Democrats socialist hates Americans and America, just wanted to destroy the country.

  2. No, brainiac, a hundred bucks would have been the buy point. I’ve seen other “analysts” claim that the all-time high is a good time to buy in. If these folks are so smart then why, as John mused, didn’t they buy when the stock was actual at a low price – not a high price. 🧐

  3. One thing about Apple is they are a money making machine … with iPhone 12 production being ramped up 30%… m1 chips just getting out the gate, domination with iPad, iWatch, Apple services exploding and rumors of EV car … Not to mention, AR glasses … AAPL could easily hit 200 before 2021 is over….

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