APPLE STOCK RISES ABOVE MA5 ON RATING UPGRADE
Apple’s stock is currently trading at 252.89-higher by 2.43% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 1.67%. The stock has continued gaining after the opening bell.
Investment bank Deutsche Bank upgraded the iPhone maker’s stock to buy from hold. The investment bank said that the recent drop in stocks of Apple has changed its opinion that the share was too rich from a risk to a reward standpoint. Deutsche bank sees that traders will return to four drivers of the iPhone maker’s share (AirPods, Services, iPhone, and Gross Margin mix shift) when the market stabilizes. The investment bank believes risks on iPhone-maker are more near-term than long-term in nature.
Deutsche Bank is optimistic about the company’s potential to earn $15 a stock in the next year. The investment bank, however, lowered its price target on stocks of Apple to $270 from $295. Stocks of Apple have fallen about 12% Year-to-date.
On the technical front, the RSI is currently at 44.54% 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 around 13% and suggests that the market can move in the upward direction.
Overall Bias is Positive and short-term trades can be initiated with tight Stop Loss and Profit targets.
TRADE SUGGESTION- LIMIT BUY AT 251.80 TAKE PROFIT AT 257.80 STOP LOSS AT 248.80