Amid a shortage of protective equipment for health-care workers treating coronavirus patients which have grown significantly in recent weeks, naturally, health-care equipment has become increasingly scarce. This includes face masks.
Many medical equipment companies are stretched thin at the moment producing and shipping equipment for health-care workers. As of about eight hours ago, health-care workers and equipment suppliers caught a sigh of relief as Apple (NYSE: AAPL) stated that the tech giant is planning on donating one million face mask shields a week to health-care workers.
In a statement to Dow Jones Newswire, Apple’s CEO, Tim Cook, stated that Apple has already donated over 20 million face masks to health-care facilities, the majority being hospitals around Silicon Valley.
Cook additionally stated that for Apple, this is a labor of love and gratitude, and that Apple will be sharing more of their efforts over time. While Apple won’t profit as a result of donating face masks, they’ll gain consumer trust as a result of their generous efforts.
For instance, with 20 million face masks donated so far and 1 million additional donations expected per week, millions of recipients of these complimentary safety measures may take Apple’s munificence into consideration while assessing their next smartphone purchase… and possibly go straight to Apple’s iPhone, for example.
But I don’t need to tell that to financial professionals and analysts, some of which may upgrade Apple in days and weeks ahead as a result of Apple’s efforts to donate medical resources which are currently in short supply.
As a seasoned trader, my eyes are on Apple not only on the belief that Apple may receive a possible upgrade and praise from some of the largest financial firms on Wall Street, but from a technical analysis point of view, I can see trading Apple to the upside and downside as well today, market depending.
Shown on the chart above in white is Apple’s 200-day simple moving average line. Keeping in mind that Apple is a liquid stock which I have traded in green and red markets countless times, I’ll be keeping a close eye on Apple’s 200-day simple moving average line to get a read on how the stock market responds to its generous donation efforts and general market conditions.
Should Apple trade above the 200-day simple moving average line, I’ll be interested in taking a bullish position, which I’ll look to close for profit by the end of the trading day. Should Apple’s 200-day simple moving average line decline, I’ll consider shorting Apple to profit on a downside move.
While I believe Apple will continue to monopolize consumer technology such as smartphones, laptops and televisions in the decades to come, and the company will grow as a result, today as a trader what I know is that I see high probability trades to be made on Apple within minutes or hours of the opening bell ringing.
Yours for TrackStar trading,
America’s #1 Premarket and Day Trader
Disclaimer: This is not investment advice. This article is for information purposes only and opinion-based on financial advisor data across a selection of websites. Investors should be cautious about any and all investments and are advised to conduct their own due diligence prior to making any investment decisions.