Chart of the Day: Apple Just Keeps on Rolling
There’s tremendous energy and momentum in this Mag 7 name.
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Dip buyers continue to focus on Apple (AAPL). Each time the opportunity affords itself, like after recent earnings, the bulls are right there to scoop up shares.
It is astonishing for all the many times this stock falls for no reason (that seems reasonable). It could be a downgrade, or a “rumor” about deliveries or sales or some other wild notion. It works, though, knocking the stock down and then usually a strong recovery. This past instance saw Apple drop sharply to the 14-day McGinley and bounce back ferociously. Just another day in the life of Apple.
The indicators are fairly bullish. The MACD is now crossing over for a buy signal while momentum is strong, and stochastics are now bullish. Relative strength has improved and the Parabolic SAR is now bullish. That’s a good sign heading into the holidays, suggesting more room to run.
With all the AI talk it is important to remember that Apple is in this group but has not exposed themselves to losses in case they are absorbed. As usual, it is taking a lighter approach but benefiting all the same.
We like Apple in TheStreet Pro Portfolio and rate it a Two, or “stockpile on pullbacks.”
More Pro Portfolio:
- Taking a Healthcare Winner Off the Board
- Tracking 40 Portfolio Signals Across 10 of Our Strategies
- Weekly Roundup: Riding Out the Blue Wave Whiplash With Cash and a Shopping List
At the time of publication, TheStreet Pro Portfolio was long AAPL.
