Apple stock downgraded from Buy Candidate to Hold/Accumulate after Tuesday trading session.StockInvest.us, 1 month ago
The Apple stock price gained 0.665% on the last trading day (Tuesday, 23rd Jan 2024), rising from $193.89 to $195.18. It has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 0.99% from a day low at $193.83 to a day high of $195.75. The price has risen in 6 of the last 10 days and is up by 5.18% over the past 2 weeks. Volume fell on the last day by -14 million shares and in total, 42 million shares were bought and sold for approximately $8.21 billion. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
On Jan 18, 2024, it was reported that Bank of America Securities gave AAPL a "Buy" grade with a "upgrade" action.
The stock lies in the middle of a wide and weak rising trend in the short term and a further rise within the trend is signaled.Given the current short-term trend, the stock is expected to rise 7.62% during the next 3 months and, with a 90% probability hold a price between $194.63 and $219.56 at the end of this 3-month period.
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 $188.78 and $190.95. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Thursday, December 14, 2023, and so far it has fallen -1.48%. Further fall is indicated until a new bottom pivot has been found.
Apple finds support from accumulated volume at $188.63 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $1.92 (0.99%) between high and low. For the last week, the stock has had daily average volatility of 1.50%.
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.