Apple stock may be gearing up for major breakout

Apple stock hit a 52-week low on the first trading day of 2023, but it bottomed there. Shares of the Cupertino Colossus are now up more than 21% so far on the year, and may be on the brink of a major breakout.

Apple logo

Bret Kenwell for TheStreet:

An upside breakout for Apple could have a huge impact on stocks, not only due to its size but also in regards to sentiment.

But, there’s at least one caveat in the way, which is the Federal Reserve’s interest rate decision and follow-up news conference on Wednesday afternoon. That has the potential to kickstart the breakout or knock it off the rails.

The stock is trying to gain traction over the fourth-quarter high of $157.50 — in other words, a quarterly-up rotation — as well as the 61.8% retracement at $156.29.

And keep in mind as well that the $155 to $157.50 zone has been fairly stiff resistance for the past few months…

Again, a lot of this may hinge on whether the Fed sees a bullish or a bearish reaction to its rate-hike announcement.

MacDailyNews Take: Apple stock remains laughably undervalued.

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