On Thursday, Apple’s stock recovered from its early losses.
Apple stock ended the day at $143.24, a loss of less than 1%.
AAPL is still aiming for all-time highs of $145.
On Thursday, Apple stock rode the overall market roller coaster, erasing early losses before succumbing to intraday profit-taking and losing some territory. Still, given how bad things seemed early on Thursday, with the major indices down 2%, this was a good showing. Markets made solid gains on Friday, indicating that the robust run toward the record high is back on track. Futures in the United States suggest gains of up to 1%. The Relative Strength Index (RSI) had dipped into overbought area as a result of the strong run, and it has yet to return to neutral. So there’s reason to be concerned. Given the strong run, with Thursday breaking the seven-day winning streak, profit-taking on Friday would not be surprising or disappointing. This would also assist the RSI in returning to neutral.
Thursday was a difficult day for markets, as doubts over the Delta variant finally surfaced. Apple had likewise been on a seven-session winning streak. The RSI was overbought, and government yields plummeted, alarming investors worried about slowing economic growth. All of this was compounded by the Fed minutes, which revealed that tapering and rate hikes may be higher on the agenda than previously assumed.
Apple’s main figures
Price/Earnings (P/E) 32 Market Cap $2.41 trillion Enterprise Value $2.1 trillion
Price/Book
37\sPrice/Sales
EBITDA EBITDA EBITDA EBITDA EBITDA EBITDA EBITDA EBITDA EBITDA EBITDA EBITDA EBIT
Buy $159 at the average Wall Street rating and price objective of $100 billion.
1. Global equities have resumed their positive trend. On Friday, European markets are up, and US futures are likewise higher.
2. Apple’s price is still above its 9-day moving average, and the upward trend continues.
3. The AAPL stock is trading above the crucial support zone of $135-137. This is where the bullish trend is held in place, as well as where the 21-day moving average is located. This is a high-volume area that should provide solid support. If this level is broken, the short-term trend will turn bearish.
As previously stated, when the RSI is overbought, caution should be exercised.
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