The price of Apple stock is moving up on Friday, rising about 0.65% as investors bought the quick morning dip. We’ll see how it closes, but for now Apple stock is looking much better on the long side.
We’ve also seen a robust move in Microsoft to new highs, although the charts were aligned for such a rally.
Is Apple about to do the same thing? It too has a bullish setup on the charts.
On Thursday, reports hit the wire that the company – along with automakers like General Motors – will curb production due to the shortage in semiconductors. However, it didn’t slow the stock down one bit. That bodes well for bulls.
With earnings due up later this month, it wouldn’t be out of character to get some pre-earnings momentum in play either — particularly given the strong quarter Apple reported in January.
From here, I really want to see Apple hold up over the March high at $128.72. A pause would be healthy, but the longer it remains above this mark, the better. It keeps the September high and clear resistance in play near $138. Above that opens the door to the current 52-week high, up near $145.
MacDailyNews Take: Let’s break Betteridge’s law of headlines sooner than later, shall we?
Yeah, if Tim Cook can start tweeting about an AppleCar being just around the next corner. That would cause greedy big investors to start drooling. Wow, competition for Tesla.
What exactly will be THE catalyst to move Apple stock back to $145? There doesn’t seem to be any. What is Apple hiding that might excite potential investors? Who knows? A new iPad Pro or some AirTags? I don’t think either of those will excite big investors. Share buybacks seem to be boring the heck out of big investors who seem to lose focus in just a short period of time. It’s like “what have you done for me, lately,” every few months.
I believe Apple will report good earnings yet again, but that’s nothing special with every tech company announcing good earnings. At least Apple isn’t going out of business any time soon, so that’s comforting for current shareholders.
The Market likes infusions….pure and simple.
Before long, the market will be bending to inflation and the weight of debt.