APPLE BULLISH AHEAD OF IPHONE LAUNCH
Apple is currently trading at 220.11–lower by 1.63% from the previous close ahead of an event at 1 p.m. ET (1700 GMT) in which it is expected to launch three new iPhone models. The stock closed at 283.80- higher by about 2.4% from the last close on Tuesday.
According to market sources, Apple will announce new iPhones based on the iPhone X design on Wednesday. Apple has typically made a variety of hardware announcements at its iPhone launch events, and it’s likely to debut a new version of the Apple Watch at this year’s confab. The company could also announce upgrades to other products, including the AirPods, and share more information about its streaming-media progress.
The stock is up 1.2% this week, as of Tuesday’s close, adding to its 2018 gain of 32%.
On the technical front, the RSI is currently at 62.74% and suggests that the market can move in the upward direction. The current price is above the MA5. The %K has crossed the %D from below to the upside at 49.01 and suggests that the market may head upwards.
Overall Bias is Positive and trades can be initiated with tight Stop Loss and Profit targets to book profit for the short term.
TRADE SUGGESTION-LIMIT BUY AT 220 TAKE PROFIT AT 224 STOP LOSS AT 218