Oversold, Apple is Pivoting from Strong Support

Apple (SYM: AAPL) is incredibly oversold.

For one, it’s technically oversold on RSI, MACD, and Williams’ %R. Two, as it heads into earnings later this week, we’re seeing momentum build. Three, it caught strong support at $220 and is just starting to pivot higher. Now at $229.86, we’d like to see it rally back to $250 initially.

Even better, Apple didn’t get caught up in the DeepSeek-fueled drop because it hasn’t spent gobs of money on AI. Instead, it chose to rely on partners, such as OpenAI. 

Fueling even more momentum, Goldman Sachs just reiterated a buy rating on Apple, believing the “market’s focus on slower product revenue growth masks the strength of the Apple ecosystem and associated revenue durability & visibility,” as quoted by CNBC.

And, as noted by Wedbush analyst Dan Ives, as quoted by Seeking Alpha, “We believe the panic and bear frenzy around Apple is way overdone heading into December earnings late next week on Thursday after the bell.”

Wedbush added, “Our recent Apple iPhone China checks are mixed to softer, but overall unit declines in the region we see as ‘manageable’ along with stronger US/Rest of World growth that should enable Cupertino to hit Street numbers for the December quarter. We also believe Apple should have a strong performance on the Services front which is the linchpin to the $4.5 trillion sum of the parts valuation we see over the next 12 to 18 months.”

Wedbush also reiterated an outperform rating on Apple with a $325 price target.

Heading into earnings, Apple is expected to post revenues of $124.3 billion, a 3% jump year over year. The company is also expected to post EPS of $2.35 a share, and net income of about $35.6 billion.

In short, overdone fear has become an opportunity in oversold shares of Apple.

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