APPLE STRONGLY BULLISH AS RESULTS BEAT ESTIMATES
Apple is currently trading at 211.35-higher by 5.32% as compared to the previous closing. In Pre-market trading on Wednesday, the stock was trading higher by 5.24%. The stock has continued gaining after the opening bell.
The company reported its fiscal second-quarter earnings after the market close on Tuesday. Apple reported EPS of $2.46, 10 cents above the market estimates. Revenue of $58.02 billion was also above the market expectation of $57.37 billion.
The company issued guidance for the next quarter that was above the consensus estimates. The iPhone-maker expects third-quarter revenue in the range of $52.5 million to $54.5 billion, above the median forecast of $51.94 billion.
Apple also announced that it would spend $75 billion in buying back its own stocks. The company also approved a 77 cents dividend per share.
On the technical front, the RSI is currently at 71.87% 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 65% 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- STOP BUY AT 211.50 TAKE PROFIT AT 213.00 STOP LOSS AT 210.70