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Apple stock price ended on $160.55 on Friday after gaining 1.7%

StockInvest.us, 1 week ago

Apple

The Apple stock price gained 1.70% on the last trading day (Friday, 19th Nov 2021), rising from $157.87 to $160.55. , and has now gained 7 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the day the stock fluctuated 2.87% from a day low at $156.53 to a day high of $161.02. The price has risen in 7 of the last 10 days and is up by 6.13% over the past 2 weeks. Volume fell on the last day by -20 million shares and in total, 117 million shares were bought and sold for approximately $18.74 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 Nov 09, 2021 "The Goldman Sachs Group" gave "$142.00" rating for AAPL. The price target was changed from $150.35 to 0.1%.

The stock has broken the wide and horizontal trend up. Breaks like this are often followed by swift and strong movements, and any correction down to the breakline at approximately. $158.01 is considered to be a "second chance" to hit a potential runner. It is, however, important that volume does follow the price as false breaks may appear and it may move back into the horizontal trend. Based on the rectangle-formation theory the stock is predicted to reach $176.03 sometime during the next 3 months.

Apple

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 $152.97 and $148.20. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, October 04, 2021, and so far it has risen 15.39%. Further rise is indicated until a new top pivot has been found. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

Apple finds support from accumulated volume at $157.87 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 $4.49 between high and low, or 2.87%. For the last week the stock has had a daily average volatility of 2.45%.

The Apple stock is extremely overbought on RSI14 (79). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.Since the Apple has been rising for 7 days in a row, the risk over the next couple of days has increased. As we cannot be certain with regards to the size of the reaction, we urge caution.

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.

Check full Apple forecast and analysis here.