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.

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

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