Chart of the Day: Apple

1 mins. to read
Chart of the Day: Apple

Apple (NASDAQ:AAPL): Struggling, Even With Buffett On Board

Apple has been on the ropes over the past year, with the disappointment compounded not only by a China slowdown, but also the way the iWatch really was not the groundbreaker it could/should have been. If you factor in the argument that the iPhone maker has not really moved on from iPhone 4 in a meaningful way, then there is plenty of work to be done here from a fundamental perspective. Indeed, all we really have at the moment is the hope that iPhone 7, due out in September, will be the proverbial rabbit out of the hat in terms of being waterproof, performance or of course battery life.

The present charting position shows the way that we have been treated to a partial gap fill after breaking back above the floor of the April feature at $98.71. The risk currently is that at least while there is no end of day close above the 50 day moving average at $101.34 a retest of the worst levels of the year to date, just below $90, could be on the cards. This is even in the wake of the reported purchase of $1bn worth of Apple shares by the traditionally non tech stock friendly Warren Buffett.

Apple chart

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