Chart of Day: Apple (AAPL) – 5/25

Apple (SYM: AAPL) is attempting to break even higher. 

Last trading at $188, we’d like to see it retest resistance around $199. All as the company nears its artificial intelligence announcement with OpenAI, June 10 to 14 at Apple’s Worldwide Developers Conference (WWDC). 


“Apple is likely to unveil AI that works better on the higher end of the iPhone line, reducing latency and improving security. Don’t forget, the iPhones bought in the Covid surge are turning 4 years old now and the base is about to get a big nudge,” Melius Research’s Ben Reitzes said, as quoted by Barron’s. The analyst also has a buy rating on AAPL with a $227 price target.

Plus, according to analysts at Bernstein, Apple has fallen too much, advising investors to “be like Buffett” and buy.

“Despite his reputation as a long term buy and hold investor, Warren Buffett has been remarkably disciplined at adding to his Apple position when it is relatively cheap and trimming when it is relatively expensive,” analyst Toni Sacconaghi said, as quoted by CNBC. “We would encourage investors to follow suit, adding to positions on Apple when the multiple is 25x earnings or below, and trimming at 30x+.”

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