Apple stock nears buy point after all-time record June quarter

Apple stock rose Friday after the company delivered an all-time record June-quarter revenue report. Plus, Apple expects sales growth to accelerate in the September quarter as supply chain issues ease.
Apple Park in Cupertino, California
Patrick Seitz for Investor’s Business Daily:

The Cupertino, Calif.-based company late Thursday topped Wall Street’s estimates for its fiscal third quarter ended June 25… Total sales rose 2% year over year to $83 billion while earnings per share dropped 8% to $1.20.
Apple… said sales growth would accelerate on easing supply constraints. In the June quarter, Apple struggled with shortages of Mac computers and iPad tablets.
Apple’s revenue is more impacted by supply constraints than macroeconomic worries, Evercore ISI analyst Amit Daryanani said in a note to clients. He reiterated his buy rating on Apple stock and raised his price target to $185 from $180.
In afternoon trades on the stock market today, Apple stock rose 3.3% to $162.58. With the move, Apple climbed above its 200-day moving average line, a positive sign.
Apple stock is in a 30-week consolidation pattern with a buy point of $183.04, according to IBD MarketSmith charts. That buy point is 10 cents above the stock’s all-time high $182.94, reached on Jan. 4, based on IBD trading guidelines.

MacDailyNews Take: According to IBD, a buy point is a price level at which a stock is most likely to begin a significant advance. It also points to an area of the chart that offers the least amount of resistance to price progress.
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