Apple stock has re-entered a technical buy zone after pulling back from its recent record high, demonstrating resilience amid Nasdaq turbulence. The iPhone maker is now featured on IBD’s Breakout Stocks Index, holding above key moving averages and positioning itself for a potential push to new highs as investor focus returns to its artificial intelligence initiatives.
Matthew Galgani for Investor’s Business Daily:
Back in buy range after retreating from a record high hit earlier this month, Apple stock showed resilience Wednesday by retaking its 21-day exponential moving average while holding within buy range.
On Sept. 1, John Ternus, senior vice president of Hardware Engineering, will take the reins as Apple’s chief executive. Outgoing CEO Tim Cook will become executive chairman of Apple’s board of directors.
In early May, shares of Apple shot past a 288.62 buy point in an early stage consolidation pattern. It then climbed out of buy range, notching an all-time high on June 8 before retreating.
But while a spat of turbulence took a bite out of Apple stock, the megacap showed its resilience. After holding support right around the initial buy point, shares briefly bounced back above the 21-day moving average. Tuesday’s market troubles weighed on Apple, dragging it back below the 21-day line before Apple retook that benchmark on Wednesday. In a sign of technical strength, its 50-day moving average continues to rise.
While the iPhone and Mac maker’s relative strength line remains shy of a 52-week high, it has started to bend higher.
Apple stock remains within the 288.62 – 303 buy zone.
MacDailyNews Take: As we wrote on Monday, “AAPL is cheap at ~$300 a share.” Under $295 is even better!
Please help support MacDailyNews — and enjoy subscriber-only articles, comments, chat, and more — by subscribing to our Substack: macdailynews.substack.com. Thank you!
Support MacDailyNews at no extra cost to you by using this link to shop at Amazon.
