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CNBC's 'Trading Nation' Weighs In On Apple's Recent Run

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On CNBC’s "Trading Nation," Matt Maley of Miller Tabak said Apple Inc. (NASDAQ: AAPL) is at a key technical juncture after rallying 16% in the past month.

Maley said if Apple can break above its early May highs of the $212, it should move the stock higher.

“The problem is when your at key technical junctures, the thing can fail when you hit a resistance when it rolls back over. If that happens, we've got a big problem,” said Maley. “Testing the top end of that range looks good, but you need that move to a higher level before we can say the thing is going to have a lot more momentum moving forward.”

Chad Morganlander of Washington Crossing Advisors is neutral on Apple due to unappealing forward looking earnings and revenue growth.

“Overall, trade concerns are a major headwind for this company as well as global growth concerns,” said Morganlander.

He added that Apple’s buybacks are giving it an "illusionary effect" of earnings growth, and would like to see organic earnings and revenue growth, something he said Apple isn't showing.

Apple shares closed Monday's session at $201.55, up 1.8%.

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Latest Ratings for AAPL

DateFirmActionFromTo
Sep 2019ReiteratesBuy
Sep 2019MaintainsNeutral
Sep 2019MaintainsStrong Buy

View More Analyst Ratings for AAPL
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Posted-In: Chad Morganlander Matt MaleyAnalyst Color Technicals Analyst Ratings Movers Media Trading Ideas

 

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