Apple Inc. (NASDAQ:AAPL): Apple Could Be Heading Back Up to Retest $134 and its 600-day EMA

 


Apple bounced off its resistance level at $126.30 on Thursday, on WSJ's report saying the main Foxconn facility has recovered to about 70% of its capacity and wait times for iPhone Pro models have been shortened.

A similar report yesterday came from the JPMorgan analyst in a note to clients saying that, "Lead times for the Pro models are now tracking in line with lead times seen prior to the Covid outbreak in Zhengzhou, China, suggesting that supply is improving and inching slowly towards parity with demand."

The next resistances for AAPL are $134 and $135.72, or the 600-day EMA, respectively. Beware that the quant funds are betting that the lost demand for iPhone 14 Pro/Pro Max in the December quarter will be destroyed, not deferred into March, and will try again to take the stock lower.

This note contained herein is not and should not be construed as a recommendation to buy or sell. Click here to see the latest update!


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