AI
Tuesday, June 05, 2018 12:10:28 PM
Recently, everyone on Wall Street has been raving about Apple Inc (AAPL) possibly being the first $1 trillion dollar company in the stock market. Today, AAPL stock is trading higher by $1.24 to $193.07 a share. This is a new all time high stock price for the tech giant and many are expecting even more upside near term.
Several weeks ago, it was reported that Warren Buffet's company Berkshire Hathaway (BRK.B) added 75 million shares to his Apple Inc position. He now owns 239.57 million share of AAPL stock. The market went crazy on the back of this news, but since that time BRK.B stock has been slumping. In fact, BRK.B stock is now trading below its important 200 and 50-day moving averages. This chart formation puts the stock in a weak technical position. Traders and investors must now watch for major support on BRK.B around the $184.00 level. This price area is where the stock broke out in late November 2017. Traders should expect the stock to be defended again at this major support level when retested. Until this level is reached it is likely that BRK.B will struggle in the near term.
Nicholas Santiago
InTheMoneyStocks
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