Buying low Apple stocks at $128 per share still seems to be proper support for the world’s leading customer technology manufacturer. Apple has released some bullish news about good MacBook sales despite slowing down global demand for personal computers.
Apple shares trade around the $140 level, and any breakout from this area can swing the momentum. Despite the dropping equity prices, Apple has kept its value afloat. As a luxury customer goods manufacturer, there is a chance that it will outperform the market in case of recession.
Buying Low Apple Stocks: Optimal Purchase Price
Let’s assume we are in a large-scale uptrend for Apple stocks, which started in March 2020, just after the COVID-19 breakout and the market crash.
If the large-scale trend has changed neither in January, March nor the most recent top of $176 per share in August 2022, we can name several critical Fibonacci retracement levels that should work as solid support.
The first ratio of 0.236 was broken at $153 in late September. The extremely important 0.382 ratios at $135 per share were successfully defended. If you believe in market recovery and the bright future of Apple stock, you may consider entering around this level.
However, if the price falls below $135, the next Fibonacci retracement barrier is 0.5 at $120 per share. If a bearish scenario happens, it should take time for Apple stocks to reach this lever. In such a case, the macroeconomic situation should be more evident than today, and SimpleFX traders should know if it will be the time to buy low or short.