Chart of the Day: Apple Remains the 'Go To' Name
The stock has quietly powered up and attracted more buying of late.
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With all the excitement about AI (artificial intelligence) and now quantum computing power there is little Apple AAPL sitting in the corner just minding its own business, delivering strong returns for shareholders. You might say it has been boring, but sometimes boring is great.
When the stock market gets volatile, as it did this week, we see investors and traders flock to a name like Apple in difficult moments. Sure, the stock was pounded along with other tech names on a record-setting day of selling but we have also noted in the past this stock remains resilient and thrives.
The recent action in Apple is notably bullish, with a series of higher highs, higher lows in the chart since the start of November. MACD (moving average convergence/divergence) is starting to roll over but remains bullish, and stochastics are at the tipping point and may be rolling over as well. Yet, Apple's momentum is very strong and so is the money flow; the bottom pane shows the chaikin money flow is robust. The long-term trend is bullish and in tact.
Nasdaq 100 names were blasted Wednesday, and Apple was not spared. However, this was not related to anything the company had to say or fundamental reason, which tells us this stock is likely to bounce back hard in the coming days.
We rate this stock a Two in TheStreet Pro Portfolio for a reason: it's a good time to stockpile shares of Apple on this pullback. We have a large position already in the portfolio and won't likely add here.
At the time of publictaion, TheStreet Pro Portfolio was long AAPL.
