Source: www.investors.com --- Wednesday, October 11, 2017
Apple ( AAPL ) gained ground and was on the verge of climbing back above a 156.75 buy point as the iPhone giant helped bump the major indexes higher in afternoon trading Wednesday. X Autoplay: On | Off Apple had broken out of an 11-week flat base at 156.75 on Aug. 2 following a solid fiscal third quarter. (EPS rose 18% and revenue 7%, the biggest top-line increase in seven quarters.) The stock is now forming a new flat base with a 165.04 buy point. The Nasdaq composite edged 0.1% higher and is holding on to last week's gain of more than 1.4%. The S&P 500 and Dow Jones industrial average were both up less than 0.1%. The Nasdaq 100 also rose 0.1%. The Russell 2000 was virtually flat. Volume is running mildly lower vs. the same time Tuesday on both main exchanges. Apple had not gained a lot of ground after its Aug. 2 breakout before falling back the proper entry and below the 50-day moving average. While the rise back above the 156.75 is not an ideal entry right now, investors could wait to see if the stock retakes the 50-day moving average in strong volume. An investor with a big cushion in the iPhone maker could decide to add a small amount of shares to the existing position if the stock retakes the 50-day line in robust or increasing turnover. Apple's earnings had dropped 10% in the fiscal year ended in September 2016 on an 8% slump in revenue. However, Apple has been staging a classic turnaround in fundamentals lately. In the p ...
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