Keep an eye on Apple (AAPL).
For one, it’s technically – and ridiculously oversold. After pulling back from $157.50 to $142.50, the stock found solid support, and could retest its prior highs with patience. In addition, RSI, MACD, and Williams’ %R have all become excessively oversold.
The last time these indicators aligned this deep in oversold territory, AAPL ran from a low of about $116 to a high of $135 in about a month.
Helping, AAPL analysts at Tigress Financial just raised their price target on AAPL to $198 from $182. Also, Wedbush analyst Dan Ives “reiterated his bullish stance on tech stocks and urged investors to take advantage” of the latest market pullback, as noted by Street Insider.
In short, beaten down shares of Apple could be a solid opportunity here.