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Apple stock downgraded to Hold/Accumulate

StockInvest.us, 3 months ago

Apple

The Apple stock price fell by -0.80% on the last day (Thursday, 10th Jun 2021) from $127.13 to $126.11. During the day the stock fluctuated 1.79% from a day low at $125.94 to a day high of $128.19. The price has been going up and down for this period, and there has been a -0.58% loss for the last 2 weeks. Volume has increased on the last day by 15 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, 71 million shares were bought and sold for approximately $8.90 billion.

Credit Suisse Group does not see either upside or downside right now giving AAPL "Neutral" on their last update on June 08, 2021. The price target was set to $150.00.Over the last 30 days, this security got 3 buy, 1 sell, and 8 hold ratings.

The stock lies in the lower part of a wide and weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $123.64 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift.Given the current short-term trend, the stock is expected to rise 2.04% during the next 3 months and, with a 90% probability hold a price between $126.16 and $139.23 at the end of this 3-month period.

Apple

A buy signal was issued from a pivot bottom point on Wednesday, May 12, 2021, and so far it has risen 2.72%. Further rise is indicated until a new top pivot has been found. 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. The Apple stock holds a buy signal from the short-term moving average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term moving average at $127.83. On a fall, the stock will find some support from the short-term average at $125.77. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. 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 $125.91 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 $2.25 between high and low, or 1.79%. For the last week the stock has had a daily average volatility of 1.52%.

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 Candidate to a Hold/Accumulate candidate.

Check full Apple forecast and analysis here.