Tech Recovery? SAP-tacular Opportunity Ahead

by | Jan 18, 2024

Tech finally got some good news today as Apple got an upgrade from Bank of America.

Analysts have been very negative lately toward the iPhone giant, and that’s pushed AAPL stock down and knocked it off its perch as the most valuable company.

That negativity has also hurt tech as a whole.

But some sectors are bouncing back, and one of those is Computer Software.

Computer Software is one of the top 30 hot sectors now, and SAP is one of the hottest stocks in that group.

Here’s the chart:

More bullish earnings and a breakout above $160.35 could lead to a nice run.

We’ll keep it on our radar.

Happy trading,

— Scott Welsh

P.S. As a reminder, these plays are based on my longer-term Weinstein Stage Analysis method. The chart above uses weekly candles and a 30 week simple moving average. For details on this method, see my explanation on this Ask The Pros episode starting at timestamp 20:45.

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