The stock price of Apple is approaching its 50-day support level. 2020’s top three performing Dow Jones stocks in 2020 were Apple, followed distantly by Microsoft and Nike with advances of 80.8%, 41% and 39.6%, respectively. Amid the coronavirus stock market rally, the Nasdaq ended 2020 up 43.6%, its best year since 2009. The S&P 500 was up 16.3%, while the DJIA was up 7.2% in 2020.
Among the top Dow Jones stocks, Apple rose 0.4% Tuesday and is nearing its 50-day support level. Shares are also approaching a new buy point at $138.89, according to IBD MarketSmith chart analysis.
In recent weeks, Apple shares have moved above aggressive entries at $125.49 and $122.09.
Apple stock is on IBD’s Leaderboard. Per Leaderboard commentary, “The alternate entry is in the lower half of the base but the RS line is improving. Apple nearly doubled from its breakout in April and will be tough to replicate that run. The base is third stage, which is a reason to have lower expectations this time around.”
MacDailyNews Take: Following Apple distantly is Microsoft’s raison d’être.