In the middle of July, Apple experienced a remarkable surge, reaching a peak at $198 and momentarily securing its position as the most valuable company with an astounding $3 trillion market cap. Yet, upon conducting a technical chart analysis, I uncovered a subsequent downtrend confined within a channel. Given the market's inclination for dual movements, the measured moves indicated a possible trajectory toward the $165.50 support level. An interesting development transpired last week when the share price briefly made contact with this level, forming a double bottom. The ensuing rebound has set the stage for a positive trend in the recent trading days.
As Apple prepares to disclose its earnings post-market today, my sentiments are a blend of uncertainty and anticipation. While a slight apprehension lingers that Apple might marginally disappoint with its earnings, the market could still respond favorably, buoyed by positive sentiments emanating from the Federal Reserve’s decision to defer any interest rate hikes and an optimistic economic outlook.
Adopting a “wait and see” stance post-earnings seems prudent as I navigate the potential market dynamics. Sometimes, refraining from immediate action proves to be a winning strategy. In the dynamic realm of trading, profitability arises not from hasty decisions but from calculated predictions and strategic maneuvers. There is always an array of opportunities in the market, and exercising patience ensures a more judicious approach to capitalizing on them.
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apple earning will pump up the market?