Apple is holding up well on Wall Street by supporting US tech stocks in a difficult phase. The company highlighted solid fundamentals after its record $123.9 billion in first-quarter sales beat Wall Street estimates even in the midst of a supply crisis. Profits also outpaced projections, propelled by new products including the iPhone 13. CEO Tim Cook blamed supply problems for the iPad’s lack of growth, saying these problems were even more serious than in the previous period. But the company has seen records in cloud, music, video, and payment services. The buybacks of the company started yesterday in support of prices. The Fed confirmed a rate hike and the cloud dot plot is aligned with the market which expects a total of 7 hikes this year. In fact, the scenario is already discounted by the market; tech stocks rebounded strongly yesterday.

Yesterday, Apple [AAPL.O] closed at $ 159.6 (+2.9%). Today, it is flat in pre-trading. Despite the weakness of the Nasdaq-100 since the beginning of the year, the key support in the $150 price range holds and the stock holds near the highs. Apple is showing a lot of relative strength compared to other tech stocks.

We recommend going LONG on the stock by buying the Leverage Shares 3X APPLE ETP (ISIN: IE00BK5BZS07) also listed on Borsa Italiana or 2x TP (ISIN: IE00BF03XJ35), with an increase in exposure on any downturns towards $140, with short term targets towards $160 (target taken last night) and $170. Alert/stop loss should be below $140 (daily closing). From an investment perspective, however, we highlight the stock tracker certificates with 1x leverage (ISIN: XS2337099563).