Markets have been all over the place these last few days of the year. However, we are seeing opportunities. Look at Apple, for example. After dropping from about $150, the tech stock caught strong double-bottom support dating back to mid-June. RSI, MACD, and Williams’ %R are also oversold at the moment. From a current price of $135.93, we’d like to see Apple run back to at least $150 as we head into the new year.
Helping, Evercore ISI just named Apple one of its top picks for New Year 2023. With a price target of $190 a share, the firm noted, ““While we understand investors are concerned about the near-term iPhone outlook given manufacturing disruption issues in China, we see any headwinds as transitory and investors should remain focused on the long-term opportunity.”
“Services has a clear path to $136 billion in revenue by full year 2026…, which will drive margin expansion and help smooth out the cyclicality inherent in the hardware business,” they added. “Wearables also has a robust growth outlook, with a path to $70 billion in revenue.”