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Apple's 9-Day Winning Streak Ends: What Happened And What's Next?

Apple's 9-Day Winning Streak Ends: What Happened And What's Next?

Apple Inc. (NASDAQ: AAPL) stock looked poised to move higher for 10 consecutive trading sessions, but its winning streak ended Tuesday at nine days.

Chart Pro: Pullback Would Be Healthy

On a near-term basis, Apple's stock could see a pullback, as the relative strength indicator is pointing to the stock being overbought, Miller Tabak's Matt Maley said during a Wednesday CNBC "Trading Nation" segment. The RSI is hovering around levels that historically were followed by pullbacks, he said. 

Apple's stock has gained 40 percent in the past three months alone; going back to the 1990s, a move of this magnitude has never occurred without an accompanying pullback, Maley said. 

Nevertheless, any decline in the stock is likely to be short-lived, as Apple's bullish story remains intact, he said, adding that investors looking to hold for the long-term should consider buying on the next dip instead of buying at current levels.

Strategic Wealth's Tepper Bullish On New Initiatives

Strategic Wealth Partners' Mark Tepper said during the same "Trading Nation" segment that he's bullish on Apple due to its services and wearables transition. Street analysts are starting to apply different trading multiples to different Apple businesses, which is positive for the stock, he said. 

This comes at a time when sentiment on the Street "has never been more negative" on Apple, Tepper said. Investors have a unique chance to "get in close to the ground floor" ahead of upward revisions to Street estimates, in his view. 

Shift In Sentiment

Apple's momentum can be traced back to its March 25 event where execs highlighted Cupertino's new streaming video ambitions along with other new services.

This helped usher in an era of calm after a "turbulent few months," CNBC quoted Wedbush's Daniel Ives as saying in a Tuesday research report. The sentiment has now shifted for the better, as demand trends for Apple's products are now "slowly turning around," especially in China after a 6-percent price cut, he said. 

A Piper Jaffray survey of 8,000 teens shows demand for Apple's products "remains well intact," CNBC also quoted the research firm as saying.

Related Links:

Apple's Stock Under Pressure Following Report Of Product Price Cuts In China

Morgan Stanley Talks Apple App Store Trends

Photo by Daniel Lu/Wikimedia. 

Latest Ratings for AAPL

Jan 2021BarclaysMaintainsEqual-Weight
Jan 2021Canaccord GenuityMaintainsBuy
Jan 2021Credit SuisseMaintainsNeutral

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