Apple continues positively on Wall Street supporting US tech stocks in a difficult phase. The company surged after its record $123.9 billion in first-quarter sales beat Wall Street estimates even in the midst of a supply crisis. Profits also outpaced projections, propelled by new products including the iPhone 13. CEO Tim Cook blamed supply problems for the iPad’s lack of growth, saying these problems were even more serious than in the previous period. But the company has set records for cloud, music, video, and payment services.
Yesterday, Apple [AAPL.O] closed at $162.9 (+ 3.5%). Today, in pre-trading, it has decreased by 0.8%. Despite the weakness of the Nasdaq-100 since the beginning of the year, the key support in the price range between $155 and $150 holds and the stock remains near the highs. Apple is showing a lot of relative strength compared to other tech stocks.
We recommend going LONG on the stock by buying the Leverage Shares 3X APPLE ETP (ISIN: IE00BK5BZS07) or 2x TP (ISIN: IE00BF03XJ35), with an increase in exposure on any downturns towards $155, with short term targets towards $170 and $175. Alert/stop loss should be below $148 (daily closing). From an investment perspective, however, we highlight the stock tracker certificates with 1x leverage (ISIN: XS2337099563).