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The Apple stock price gained 0.306% on the last trading day (Thursday, 30th Nov 2023), rising from $189.37 to $189.95. During the last trading day the stock fluctuated 1.13% from a day low at $188.19 to a day high of $190.32. The price has been going up and down for this period, and there has been a 1.03% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 9 million more shares were traded than the day before. In total, 45 million shares were bought and sold for approximately $8.59 billion.
On Nov 24, 2023, it was reported that Wedbush gave AAPL a "Outperform" grade with a "hold" action.
The stock lies in the upper part of a wide and weak rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $192.56 will firstly indicate a stronger rate of rising.Given the current short-term trend, the stock is expected to rise 5.49% during the next 3 months and, with a 90% probability hold a price between $180.08 and $203.14 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 $190.20. On a fall, the stock will find some support from the long-term average at approximately $181.05. 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. Volume is rising along with the price. This is considered to be a good technical 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 Monday, November 20, 2023, and so far it has fallen -0.783%. 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).
On the downside, the stock finds support just below today's level from accumulated volume at $177.56 and $176.30.There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Apple finds support just below today's level at $177.56. If this is broken, then the next support from accumulated volume will be at $176.30 and $175.01.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $2.13 between high and low, or 1.13%. For the last week, the stock has had daily average volatility of 1.10%.
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.