A Proper Time For Repositioning: Apple
A temporary profit taking approach at the particular moment could be applied to stocks like Apple, Microsoft, Amazon, Meta and Google. Growth stocks are now victims of a fast and accelerating sell-off, as many fund managers are betting on saving essential parts of income against a generally deteriorating markets. As to Apple stocks, its price seems incapable of climbing the nearest technical resistance of $180 per share. Weak attempts to return to testing that level from the downside are manifesting a lack of demand. A long-awaited Apple event in Cupertino on September 12 to unveil its new iPhone 15 line-up failed to impress investors, while the Chinese ban on using Apple gadgets for government employees hampered demand in the company's largest sales market. Thus, testing the levels which are at least $10-15 lower for Apple stocks now looks like a baseline scenario, as higher for longer borrowing costs of the U.S. Federal Reserve and other central banks will do more harm than good to the overall market sentiment on Wall Street. Some profit now and then picking up the stock at lower levels once again could be a smart strategy on this type of an increasingly negative market sentiment.
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