Apple Inc. (NASDAQ:AAPL): Apple Stock Retests Bear Market Territory ($146.17) / 200-Day EMA ($146.35)

 


Apple stock briefly broke above its bear market territory at $146.17 and 200-day EMA at $146.35 before pulling back to close at $145.93 on Fri. A breakout could send the stock higher to the $156 level. There are supports at around $137.10 and $134.00.

The company is expected to report its fiscal Q1 2023 earnings on Feb 2. UBS forecasts Apple to have shipped 79 million iPhones vs. 80 million consensus, per Apple Insider. A weak dollar could offset some revenue lost due to the Foxconn Zhengzhou plant disruptions and weak global smartphone shipments, which plunged 18.3% year-over-year. Despite all of this, Apple still maintained the position as number one smartphone maker in the world with a 24.1% market share, per IDC.

Be aware that comments from Apple on their March quarter will be crucial to the stock moves, up or down.

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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