Think Different about this bull run for Apple stock appeared first on MacDailyNews. Think Different about this bull run for Apple stock appeared first on MacDailyNews. Think Different about this bull run for Apple stock appeared first on MacDailyNews. Think Different about this bull run for Apple stock appeared first on MacDailyNews.
Google and Tesla were both downgraded this week despite big rallies. Apple’s fundamentals put them in a different class, however, as the technical setup for Apple stock is just as

Google and Tesla were both downgraded this week despite big rallies. Apple’s fundamentals put them in a different class, however, as the technical setup for Apple stock is just as strong, and this rally is still young, Sam Quirke writes for for MarketBeat on Thursday.

Stock Chart

Sam Quirke for MarketBeat:

Apple… has been at the forefront of the tech-dominated rally that has helped the benchmark S&P 500 index gain 15% this year. Apple’s shares are not only up more than 50% themselves, but they’re also printing fresh all-time highs on a daily basis right now. But with the stock’s RSI showing a score of 70, indicating overbought conditions, could Apple be the next big name to receive a cooling down order?

Rest assured, we at MarketBeat think this is unlikely. Yes, Apple has had its strongest first half of a year in over a decade, but if anything, this confirms just how strong a candidate is for a long-term buy and hold. Unlike, say, Google and Tesla, Apple’s most recent earnings report strengthened the fundamental support behind the bull’s case.

The numbers blew analyst expectations out of the water, their quarterly dividend was raised, and a fresh $90 billion buyback program was authorized. Revenue headwinds have been dissipating for Apple rather than appearing for the other two…

And best of all? The technicals are just as strong as the fundamentals. Apple’s multi-month run of higher highs and higher lows with minimal pullbacks suggests none of the big players are taking profits, and having recently surpassed the previous all-time high from 2021, that’s now become a solid line of support. There’s nothing wrong with being cautious with stocks that have just had big runs, but we could still be at the starting line with Apple. 

MacDailyNews Take: From Sam’s lips to Mr. Market’s ears!

As we wrote six months ago, on December 22, 2022, when Apple shares were threatening to dip below $130 (and did the very next day):

Back up the Tonka truck for Apple at these discount prices, kids! You’ll likely never time the market perfectly, but you can make a lot worse investments than buying Apple over time, especially when it’s beaten down, reinvesting the dividends every quarter, and holding for the long term.

Please help support MacDailyNews. Click or tap here to support our independent tech blog. Thank you!

Support MacDailyNews at no extra cost to you by using this link to shop at Amazon.

The post Think Different about this bull run for Apple stock appeared first on MacDailyNews.

original link


You may also be interested in this

Today in Apple history: S…

On July 4, 1985, Steve Jobs visited Moscow, hoping to sell Macs to the Russians. Unfortunately, his trip served up more intrigue than results. (via Cult of Mac - Tech

Why the dream of Apple bu…

In a near-future of even greater tech-company dominance over entertainment, Disney may need deep-pocketed protection. (via Cult of Mac - Tech and culture through an Apple lens)

Apple’s biggest Vis…

Apple has reduced production estimates for the Vision Pro headset, and the advanced display technology is suspected to be the reason behind this decision as suppliers race to produce units.The

How to reduce eye strain …

With the upcoming iOS 17 release, Apple is introducing a new feature to alleviate eye strain. Here's how to enable it on your device.iOS 17 introduces Screen DistanceOver the years,

MacBook Pro rig depends o…

Not every big-selling 4K monitor is designed to look like it belongs in an Apple setup. Alogic's Clarity 27 is. (via Cult of Mac - Tech and culture through an

Spain antitrust watchdog …

Spain’s antitrust watchdog, CNMC, fined Amazon and Apple a total of €194.1 million ($218.03 million) on Tuesday for colluding to limit the online sale of Apple and competitor devices in

Beats Studio Pro release …

The rumored "Beats Studio Pro" have resurfaced once again, with an FCC filing appearance indicating a launch for the headphones could happen soon.Beats Solo ProFCC filings are regulatory documents that

Apple is the world’…

Following a flurry of overnight trading, and in the wake of the WWDC announcements, Apple has returned to a $3 trillion market capitalization.When the NASDAQ opens, it will be official
X

A whimsical homage to the days in black and white, celebrating the magic of Mac OS. Dress up your blog with retro, chunky-grade pixellated graphics to evoke some serious computer nostalgia. Supports a custom menu, custom header image, custom background, two footer widget areas, and a full-width page template. I updated Stuart Brown's 2011 masterpiece to meet the needs of the times, made it responsive , got dark mode, custom search widget and more.You can download it from tigaman.com, where you can also find more useful code snippets and plugins to get even more out of wordpress.