AAPL Stock Alert: Trading Apple Ahead of (And After) Key Product Event

Apple  (AAPL) – Get Apple Inc. Report stock is one that’s closely followed by investors. Not only is it an important company as it relates to the market with its size, but also from a sentiment perspective.

All eyes will be on Apple today, as it has a new product launch event scheduled for 1 p.m. ET.

Despite falling 14% from the highs, the company still weighs in with a $2.57 trillion market cap.

In that light, I think we must also give the stock some respect in regards to how well it’s still trading. Down just 14% is a pretty strong observation, given that tech stocks have been getting buried.

Even at its low, shares were down just 16.9%.

Both observations — it’s current decline and the decline at the low — are better than the Nasdaq, which is currently down 21% from the high and was down 22.4% at the low.

Further, Apple is beating its MMAANG peers — Microsoft  (MSFT) – Get Microsoft Corporation Report, Meta  (MVRS) – Get Meta Report, Amazon  (AMZN) – Get Amazon.com, Inc. Report, Netflix  (NFLX) – Get Netflix, Inc. Report and Alphabet  (GOOGL) – Get Alphabet Inc. Class A Report  (GOOG) – Get Alphabet Inc. Class C Report — in terms of how much it has fallen from the highs.

The outperformance here is impressive, but the risk is also clear too. If the bulls lose Apple, they risk losing the market as well.

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Trading Apple Stock

Daily chart of Apple stock.

Chart courtesy of TrendSpider.com

Apple has three very strange weekly closes in a row and helped set the stage for yesterday’s weekly-down rotation.

After the move to the downside, it’s thrusting the $153 to $155 area into play. That’s where we find the 10-month moving average, January low of $154.70 and the 200-day moving average — in that order.

Just below all of these levels is the February low and 2022 low at $152.

However, none of these measures may mean much if we get a rally in Apple during its event. Remember, the action around a somewhat binary intraday event can create big moves in both directions as the stock hits stop-losses in both directions.

On the upside, I’m keeping an eye on the $162 area, which was last week’s low.

If Apple can reclaim this mark, it opens the door to the declining 10-day moving average, which has been active resistance. Above that puts the $165 level in play, then the 21-day.

Those are a lot of levels, but you never know when a stock will turn on the boosters and go for a ride. If Apple really takes off, $150 and the 50-day moving average could be on the table. 

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