Apple stock downgraded to Hold/Accumulate

The Apple stock price fell by -0.776% on the last day (Wednesday, 7th Jun 2023) from $179.21 to $177.82. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 2.19% from a day low at $177.33 to a day high of $181.21. The price has risen in 6 of the last 10 days and is up by 3.65% over the past 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -3 million shares and in total, 59 million shares were bought and sold for approximately $10.56 billion.

D.A. Davidson is very positive about AAPL and gave it a "" rating on Feb 03, 2023. The price target was set to 173.

The stock lies in the middle of a narrow and strong 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 16.85% during the next 3 months and, with a 90% probability hold a price between $203.26 and $212.90 at the end of this 3-month period.

The Apple stock holds a sell signal from the short-term moving average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term moving average at approximately $178.89. On a fall, the stock will find some support from the long-term average at approximately $172.16. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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 Friday, June 02, 2023, and so far it has fallen -1.73%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

Apple finds support from accumulated volume at $177.25 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 $3.88 between high and low, or 2.19%. For the last week the stock has had daily average volatility of 2.16%.

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.