Chart of Day: Two Oversold Stocks to Consider
Advance Auto Parts (AAP) looks interesting.
After pulling back from about $87.50 to $70.46, the stock appears to have caught strong support. From here, we’d like to see it retest resistance at $87.50 again shortly. Helping, Director Brent Windom, who was added to the Board by the Third Point hedge fund, recently bought 10,000 shares of AAP at an average price of $83.45 a share.
AAP also declared a 25-cent quarterly dividend, which is payable on April 26 to shareholders of record as of April 12. In addition, Truist analyst Scot Ciccarelli raised the firm’s price target on Advance Auto Parts to $70 from $60 with a hold rating.
Next up is Apple (AAPL), which looks appealing at current prices.
Last trading at $169.67, it’s back to strong support, where it typically bounces back. Helping, Wedbush analyst Dan Ives has an outperform rating on the stock, with a price target of $250.
As noted by Barron’s: Apple’s Worldwide Developers Conference, is scheduled for June 10 to June 14. Investors are hoping the company highlights AI initiatives during its presentation. Then the launch of the iPhone 16 should come sometime this fall. Ives wrote that “pent-up demand around an upgrade cycle could exceed 270 million iPhones heading into iPhone 16.”
Ian Cooper is an experienced trader who uses a combination of technical, fundamental, and news analysis to help individual investors grow their wealth. Ian’s Premium Options Strategies