Apple stock downgraded to Buy Candidate

The Apple stock price fell by -1.01% on the last day (Friday, 18th Jun 2021) from $131.79 to $130.46. During the day the stock fluctuated 0.98% from a day low at $130.24 to a day high of $131.51. The price has risen in 7 of the last 10 days and is up by 3.63% over the past 2 weeks. Volume has increased on the last day by 12 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, 109 million shares were bought and sold for approximately $14.16 billion.

Fundamental Research is very positive about AAPL and gave it a "Buy" rating on June 15, 2021. The price target was changed from $148.12 to $144.27.Over the last 30 days, this security got 3 buy, 1 sell, and 7 hold ratings.

The stock is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Apple stock with a 90% probability to be traded between $124.95 and $137.62 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.

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 $129.43 and $127.19. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 months Moving Average Convergence Divergence (MACD). 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, June 17, 2021, and so far it has fallen -1.01%. Further fall is indicated until a new bottom pivot has been found. 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 $126.85 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 $1.27 between high and low, or 0.98%. For the last week the stock has had a daily average volatility of 1.75%.

Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for Apple stock to perform well in the short-term period.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Buy candidate.