A very strong day for Apple stock price on Tuesday

StockInvest.us, 1 month ago

Apple

The Apple stock price gained 7.26% on the last trading day (Tuesday, 11th Jun 2024), rising from $193.12 to $207.15. During the last trading day the stock fluctuated 6.98% from a day low at $193.64 to a day high of $207.16. The price has risen in 8 of the last 10 days and is up by 9.03% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 74 million more shares were traded than the day before. In total, 169 million shares were bought and sold for approximately $34.98 billion.

On Jun 11, 2024, it was reported that LightShed Partners gave AAPL a "Neutral" grade with a "upgrade" action.

Given the current short-term trend, the stock is expected to rise 16.37% during the next 3 months and, with a 90% probability hold a price between $211.40 and $241.07 at the end of this 3-month period.

Apple

The Apple stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $196.56 and $185.52. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 25.55%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

On the downside, the stock finds support just below today's level from accumulated volume at $183.38 and $172.62.There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Apple finds support just below today's level at $183.38. If this is broken, then the next support from accumulated volume will be at $172.62 and $171.37.

In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $13.52 between high and low, or 6.98%. For the last week the stock has had daily average volatility of 2.67%.

Apple holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.

Check full Apple forecast and analysis here.