A little low priority change of pace. Once in a while NFTRH+ reverts to stock picker mode from its usual macro/market/indicator focused self. Today I want to highlight a stock I am considering buying. You may have heard of it.
Apple stock (AAPL) has been hammered on negative investor sentiment about growth and margins, but it’s a great company with great products, it has some AI hype upcoming and if the broad markets hold the rally theme, avoiding a significant (and IMO healthy) correction, Apple could be setting up a buy.
This daily chart shows a double top and a decline. So far it is a 38% Fib retrace of the rally from the Q4, 2022 low. It became very oversold in March, bounced and declined to tick a slightly lower low. But RSI shows a significant positive divergence at this week’s low and MACD is deeply oversold but triggered up.
I want to try to wait for a no-brainer where clear visual support at 155 meets the 62% Fib and the for TA novelty, a former trend line, the basis for which is not visible on this chart. It’s a minor thing, anyway. I am feeling impatient and greedy here. All too often I have plotted nice clear buy levels that do not get reached before a stock rebounds. The RSI divergence, in particular, has my attention.
I want to try to scare up the time to at least do a little more brief funda DD to go with the technicals. But it’s Apple, a premier Tech stock and if Tech (and the market) rebounds, I would bet on AAPL participating.
A reminder that chart based NFTRH+ updates are technical trade setup ideas, which may not be revisited as the technical parameters are already noted. These updates are meant as a starting point for your further research if interested. I will not personally buy every item highlighted and will sometimes sell (ref. Trade Log) any item that I do buy below target (assuming I’ve not stopped out or sold for some other reason) as I often do. Also please be aware that I am not a fundamental stock analyst. Due diligence is your responsibility.
I bought a smallish amount yesterday and am up 4.2% now. I saw a report on it that talked about new AI chips it was producing for the Macs…. so I guess that is helping the stock today? I’ve been anticipating a downturn sometime in the tech stocks because of a number of indicators including the Hindenburg… but hasn’t materialized for more than a one day selloff.
Good job, Eric! I was contemplating buying it today after the update, but had to proceed directly to an interview with Jordan Roy Byrne. I thought it could wait. It couldn’t. Too late now for my taste. RE Hindenburg, I have found that scary sounding indicator – whatever the heck it is – not to play out as promoted by its adherents over the years. There was a guy who used to go on incessantly about that and a “jaws of death” pattern that always seemed to resolve bullish.