The recent announcement of the adjustment of Apple Inc's weighting in Nasdaq-100 from more than 20% to 12% has caused quite a fair bit of selling off on Apple's shares. Many index tracking funds were forced to reduce their position in Apple. We believe selling pressure on Apple shares will last till 2 May when the rebalancing takes effect.
Fundamentally nothing has changed for Apple and we still believed it to be a good stock to long.
The recent price around $330 seems to be touching the upwards trendline and strong support is expected to seen at this level.
Buy Apple at $334.
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