APPLE STOCKS FALL DESPITE RATING UPGRADE
Apple’s stock is currently trading at 217.79-lower by 0.43% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 0.95%. The stock has pared all of its earlier gains and turned negative after the opening bell.
Investment bank Jefferies upgraded the iPhone maker’s stock to buy from hold. The investment bank has set a price target of $260 on stocks of Apple. Jefferies said that market expectation for the impact of 5G iPhones on the company was too conservative. The investment bank also believed that markets underestimate the benefit the iPhone maker will get from heading into the 5G cycle. Stocks of Apple have rallied around 38% years to date.
On the technical front, the RSI is currently at 55.32% and suggests that the market can move in the downward direction. The current price is below the MA5. The %K has crossed the %D from above to the downside at around 75% and suggests that the market can move in the downward direction.
TRADE SUGGESTION- LIMIT SELL AT 217.85 TAKE PROFIT AT 216.85 STOP LOSS AT 218.35