Media

CNBC Pro


INVESTING

Alphabet set to reign over Apple for good

By Tae Kim

Alphabet passed Apple in market capitalization Thursday to become the world’s most valuable publicly traded company, a feat it accomplished once before this year before retreating back to the No. 2 spot. The early take from experts is that it is only a matter time before the internet conglomerate takes over the title for good.

“Apple has broken $92 support this morning, which represents its February 11th and August 2015 lows,” Asbury Research’s chief market strategist, John Kosar, wrote in an email. “The next two significant support levels are situated 6 percent and 9 percent below the market at the $84.77 March 2009 uptrend line and the $82.19 December 2013 benchmark high. Considering the importance of $92.00 support which is currently being broken, a potentially quick, deeper decline to test these levels appears reasonable if not likely.”

continued on CNBC Pro (access requires subscription)

Asbury Research subscribers can access the reports and accompanying charts used as a source for this article by logging into the Research Center.