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Apple stock downgraded from Buy Candidate to Hold/Accumulate after Thursday trading session.

StockInvest.us, 1 month ago

Apple

The Apple stock price gained 0.15% on the last trading day (Thursday, 21st Oct 2021), rising from $149.26 to $149.48. , and has now gained 7 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the day the stock fluctuated 1.20% from a day low at $147.87 to a day high of $149.64. The price has risen in 6 of the last 10 days and is up by 4.32% 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, 3 million more shares were traded than the day before. In total, 61 million shares were bought and sold for approximately $9.13 billion.

On Oct 20, 2021 "The Goldman Sachs Group" gave "$140.00" rating for AAPL. The price target was set to $149.34+0.4%.

The stock lies in the middle of a wide and falling trend in the short term and further fall within the trend is signaled.Given the current short-term trend, the stock is expected to fall -2.58% during the next 3 months and, with a 90% probability hold a price between $134.74 and $150.65 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, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $146.22 and $146.31. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, October 04, 2021, and so far it has risen 7.43%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.

Apple finds support from accumulated volume at $148.97 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

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 $1.77 between high and low, or 1.20%. For the last week the stock has had a daily average volatility of 1.52%.

Since the Apple has been rising for 7 days in a row, the risk over the next couple of days has increased. As we cannot be certain with regards to the size of the reaction, we urge caution.

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.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.

Check full Apple forecast and analysis here.