Apple's Jump Turns One Technical Analyst Bullish Before Earnings
(Bloomberg) -- Apple Inc. may have finally found some support.
The stock has been on shaky ground heading into earnings Tuesday, but today’s climb, its largest in three weeks, is making at least one chartist more bullish.
Evercore ISI’s head of technical analysis Richard Ross wrote in a note that the bounce off of the 50-week moving average at around $163.12, along with bottoming sentiment, shows that the stock is “set up for success going into the print.”
Ross isn’t the only Wall Streeter out with positive comments ahead of Apple’s results. The shares are up 1.9 percent after falling almost 9 percent in the prior eight sessions.
RBC analyst Amit Daryanani struck a similar tone over the weekend, noting that the “magnitude of investor negativity is likely overdone.” He added that while the company may miss Wall Street estimates for the quarter, it may give an outlook that’s “inline to ahead of buyside fears.”
©2018 Bloomberg L.P.