Traders on Wall Street have recently been fixated on the fact that Apple (NASDAQ:AAPL) could possibly become the first $1 trillion dollar company in the stock market. About an hour before Tuesday's close, AAPL was trading higher by $1.35 to $193.18 a share – a new all-time high for the tech giant – as many eye more upside, near term.
Several weeks ago, we heard that Warren Buffet's Berkshire Hathaway (NYSE:BRKb) added 75 million shares to its Apple position. He now owns 239.57 million share of AAPL stock. The market went crazy on the back of the news, but since then, BRK.B stock has been slumping. In fact, the stock is now trading below its important 200- and 50-day moving averages, which puts it in a weak technical position.
Traders and investors must now watch for major support on BRK.B around $184. That's where the stock broke out in late November 2017. Traders should expect the stock to be defended again at this support level when retested. Until then, expect BRK.B to struggle in the near term.
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