Apple has been getting killed in recent trading days. Thursday going -5% and Friday -3%. In total, just this week Apple has declined roughly ten percent and evaporated roughly $200billion in value. Luckily, the selling is seemingly at its relative lowest as can be seen with the RSI divergence from its 50 day RSI to its 200 day. Shorter Duration RSI moving far ahead of the longer duration implies a very heavy move from the relative averages in recent trading days and suggests that sellers can be over-extended. This also leads us to the VIX which has greatly increased in value this week. Historically when the RSI divergence is to such a great depth with the VIX above thirty, this has led to significant gains in the following months (on average +40% in the following 6months.)
From a fundemental perspective: Iphone 14 is sold out everywhere. I can't get my hands on one. BOFA citing weaker consumer demand doesn't respect the cult like nature of apple users.
This is a buying opportunity in my book.
From a fundemental perspective: Iphone 14 is sold out everywhere. I can't get my hands on one. BOFA citing weaker consumer demand doesn't respect the cult like nature of apple users.
This is a buying opportunity in my book.