Both technicals & fundamentals are hinting at an upside move in Apple s stock.
Apple is currently over 10% down compared to its year-to-date high in January.
Apple Inc. (NASDAQ: AAPL) is currently more than 10% down in the stock market compared to its year-to-date high of $143.16 per share (£101.17 per share) in the last week of January. On CNBC’s “Trading Nation”, however, TradingAnalysis.com founder Todd Gordon said that the upcoming weeks might bring a series of positive catalysts for Apple.
Gordon highlighted four reasons why he thinks it’s a good opportunity to buy Apple stock ahead of its worldwide developers conference scheduled for the first week of June.
4 Reasons You May Want to Buy Apple Ahead of Its Annual Developers Conference
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4 Reasons You May Want to Buy Apple Ahead of Its Annual Developers Conference
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Gordon sees success ahead for Palantir as a company, and subsequent outperformance for its stock, noting one overlooked area of the company s operations. This is an aspect of the business that not a lot of people talk about and that was that they were a key player in the Covid battle. Medical suppliers used the Palantir software to monitor global supply chains and then they helped to measure shortages and imbalances of supplies and proactively move those supplies around to meet the demand, Gordon told CNBC s Trading Nation on Tuesday, specifically pointing to the success of vaccine rollouts in the U.S. and U.K.
Boris Schlossberg chooses Alphabet over Apple as the strongest candidate.
Gordon and Schlossberg agrees that Netflix is the weakest of FAANG stocks.
Rising inflation and the associated risk of higher interest rates weighed on the FAANG stocks this week. Facebook, Amazon, Apple, Netflix, and Google are still down by a minimum of 3% as the week comes to an end.
With the big cap tech stocks trading lower than at the start of the week, investors are interested in finding out if it’s a good buying opportunity – and, if so, where should they put their money right now.
Todd Gordon’s remarks on CNBC’s “Trading Nation”