The recent announcement of the adjustment of Apple Inc’s weighting in Nasdaq-100 from more than 20% to 12% has caused quite a fair bit of selling off on Apple’s shares. Many index tracking funds were forced to  reduce their position in Apple. We believe selling pressure on Apple shares will last till 2 May when the rebalancing takes effect.

Fundamentally nothing has changed for Apple and we still believed it to be a good stock to long.

The recent price around $330 seems to be touching the upwards trendline and strong support is expected to seen at this level.

Buy Apple at $334.