Apple Inc. (NASDAQ:AAPL): Apple Bounced off the $125.72 Support Level, or its $2 Trillion Market Cap... Stay Cautious!

 

 
 
 Apple stock made a big bounce off the $125.72 support level, or its $2 trillion market cap, on Friday as the NPF report showed average hourly earnings, one of the Fed Chairman Powell's closely watched data, seemed to cool down a bit.

It could also be a late response to the Reuters report yesterday that output at Foxconn’s Zhengzhou plant had "basically returned to normal", confirming a similar Bloomberg report on Monday. A Foxconn source familiar with the matter also said that Apple did not cut orders, per Reuters.

Apple stock could move higher to retest $134 and $137.10, if it can break the $130 resistance level next week. Beware that downside risks exist as financial journalists and bloggers are still overly pessimistic. 

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


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