Coming off its worst quarter relative to the S&P 500 Index in over a decade, traders are looking for signs that the worst may be over. The 12% drop since the start of the year paid off for short sellers , giving them an incentive to unwind their bets. Technical analysts say it’s flirting with levels where dip-buyers are likely to swoop in. And the stock’s lagging run may make Apple look cheap compared with the other Big Tech companies.
“Nobody wants to sell any more of their Apple positions because there’s a dividend, big share buybacks and no one wants to pay capital gains taxes on it,” said Craig Johnson, chief market technician at Piper Sandler & Co. “I don’t see the stock falling much further from here. The bigger risk is that Apple’s stock may be stuck in a range between US$165 to $200 until it can decisively break above its longer-term moving average
Source: News Formal (newsformal.com)
Traders Recovery Apple Stock Short Sellers Technical Analysts Dip-Buyers Big Tech Companies Performance Moving Averages
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