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APPLE TRADING CAUTIOUSLY, MARKET NERVOUS AHEAD OF RESULTS - Capital Street FX
APPLE TRADING CAUTIOUSLY, MARKET NERVOUS AHEAD OF RESULTS
Apple is currently trading at 217.98-lower by 0.36% as compared to the previous closing. In recent news, the Financial Times reported today that the iPhone-maker is exploring to buy a stake in the largest U.S. radio group, iHeartMedia so as to boost its streaming service. The newspaper also reported that talks between the two companies are at a preliminary stage and no deal has been agreed yet. The newspaper further added that a source said iHeartMedia, which filed for bankruptcy earlier this year, is hoping that the iPhone-maker will take an equity stake worth tens of millions of dollars.
Apple is set to report its fourth-quarter earnings after the market close on Thursday. The markets are expecting the company to report revenue of $61.57 billion and earnings per share of $2.78. The markets are also predicting sales of 47.5 million iPhones, 10.53 million iPads and 4.87 million Macs for the fourth quarter.
On the technical front, the RSI is currently at 49.1% and suggests that the market can move in the upward direction. The current price is above the MA5. The %K has crossed the %D from below to the upside at around 33% and suggests that the market may head upwards
Overall Bias is Positive and short-term trades can be initiated with tight Stop Loss and Profit targets.
TRADE SUGGESTION-LIMIT BUY AT 217.50 TAKE PROFIT AT 219.50 STOP LOSS AT 216.50