American giant gadget manufacturer, Apple‘s (AAPL) stock has rebounded from recent lows and is approaching a technical buy point.
This came amid reports that the company is taking steps to increase its presence in India, the second most populous country after China.
In addition, Apple CEO Tim Cook indicated in a note to employees that new Mac desktop computers are on the way.
Apple stock rose 0.27% to 116.95 on the stock market on Tuesday. The stock has formed a flat base over the past 10 weeks, with a buy point of 118.79.
Shares hit their highest point of the year on Oct. 11, touching 118.69. Apple stock has climbed for seven of the last eight trading sessions after rising above its 50-day moving average, a positive sign.
Apple is discussing with the Indian government the possibility of manufacturing its products in the country, in a move to gain more access to the market, the Wall Street Journal reported Tuesday.
Apple stock has an IBD Composite Rating of 53, meaning it has outperformed 53% of stocks in key metrics over the past 12 months. For more information on Apple stock, visit the IBD Stock Checkup.
The firm is seeking financial incentives from the Indian government before it agrees to make products like the iPhone in the country, the WSJ reported,Techcrunch reports.