Keep an eye on oversold shares of Apple (AAPL).
After slipping from about $182.50 to $169.47, the tech stock just caught double bottom support dating back to late September. As long as it can hold this line of support, we’d like to see it bounce back and retest resistance at $182.50 initially. Helping, the company just said it’s looking to push deeper into artificial intelligence with a $1 billion annual spend.
As noted by Seeking Alpha, “Apple is said to focus on a revamp of both Siri and iOS to include AI. New features may improve how Siri and the Messages app field questions and auto-complete sentences, mirroring recent changes to competing services. Apple’s software engineering teams are also reportedly looking at integrating generative AI into development tools like Xcode, which could help app developers write new applications more quickly.”