Apple Stock Sees Improvement in RS Rating
In a positive development, Apple’s stock witnessed an increase in its Relative Strength Rating, rising from 70 to 74 on Monday. The tech giant made several announcements on the same day, unveiling its Apple Intelligence AI platform, which is set to be integrated across its range of hardware and software products. Additionally, Apple rolled out the latest iOS18 software update, promising significant changes for its devices.
The Relative Strength Rating is a unique metric that evaluates a stock’s market leadership on a scale of 1 to 99, indicating how its price performance over the past 52 weeks compares to the overall market. Research has shown that stocks with a rating of 80 or higher tend to be among the market’s top performers early in their uptrend. It remains to be seen if Apple’s stock will maintain its momentum and surpass this threshold.
Investors are advised to monitor the stock closely to determine the optimal time to sell and secure profits while minimizing losses. Apple is currently in the process of forming a cup without handle pattern with a breakout price of 199.62. Traders should watch for the stock to surpass this level on high volume, ideally at least 40% above the average.
In the most recent quarter, Apple reported a 1% increase in earnings per share, accompanied by a 4% decline in sales growth. Within the Telecom-Consumer Products industry group, Apple’s stock holds the second position, with Motorola Solutions leading the pack.
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