Apple stock downgraded from Hold/Accumulate to Sell Candidate after Tuesday trading session.StockInvest.us, 3 months ago
The Apple stock price fell by -0.91% on the last day (Tuesday, 12th Oct 2021) from $142.81 to $141.51. and has now fallen 4 days in a row. During the day the stock fluctuated 1.57% from a day low at $141.04 to a day high of $143.25. The price has been going up and down for this period, and there has been a -0.28% loss for the last 2 weeks. Volume has increased on the last day by 8 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 72 million shares were bought and sold for approximately $10.19 billion.
On Oct 06, 2021 "JPMorgan Chase & Co." gave "$180.00" rating for AAPL. The price target was changed from $139.91 to 0.9%.
The stock is at the lower part of a wide and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $138.85 will give a strong sell signal and a trend shift may be expected.Given the current horizontal trend, you can expect Apple stock with a 90% probability to be traded between $136.10 and $152.38 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
A buy signal was issued from a pivot bottom point on Monday, October 04, 2021, and so far it has risen 1.70%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Apple stock holds sell signals from both short and long-term moving averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $141.82 and $147.11. A break-up above any of these levels will issue buy signals. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Apple finds support from accumulated volume at $141.50 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 $2.21 between high and low, or 1.57%. For the last week the stock has had a daily average volatility of 1.72%.
Apple holds several negative signals and is within a wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.Check full Apple forecast and analysis here.