Shares of Apple Inc. AAPL, +2.09% rallied 2.4% in morning trading Thursday, to bounce back above the 200-day moving average (DMA), one day after closing below the widely watched technical level for the first time in 13 months. The stock was trading recently at $125.72, after closing Wednesday $122.77, while the 200-DMA rose to $123.12 from $122.96. J.P. Morgan analyst Samik Chatterjee reiterated the overweight rating he’s had on the stock for at least nearly four years, citing data showing April iPhone sales in China were better than usual seasonal trends, pointing to continued market share gains. The last time Apple’s stock spent time below the 200-DMA was during the post-pandemic lows of late-March to early-April last year. At that time, the stock’s first close below the 200-DMA was March 16; the stock bounced 4.4% the next day to close back above it, then closed back below it for the next six sessions, and for the next 10 of 13 sessions. The stock has lost 7.1% over the past three months, while the Nasdaq 100 NDX, +0.94% has declined 4.3% and the Dow Jones Industrial Average DJIA, +1.35% has gained 8.2%.
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