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Apple stock upgraded from Buy Candidate to Strong Buy Candidate after Friday trading session.

StockInvest.us, 1 week ago

Apple

The Apple stock price gained 1.24% on the last trading day (Friday, 7th Jun 2024), rising from $194.48 to $196.89. During the last trading day the stock fluctuated 1.44% from a day low at $194.14 to a day high of $196.94. The price has risen in 9 of the last 10 days and is up by 5.36% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 12 million more shares were traded than the day before. In total, 53 million shares were bought and sold for approximately $10.38 billion.

On Jun 06, 2024, it was reported that Bank of America Securities gave AAPL a "Buy" grade with a "hold" action.

The stock lies in the middle of a wide 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 15.05% during the next 3 months and, with a 90% probability hold a price between $206.21 and $232.06 at the end of this 3-month period.

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 $194.17 and $183.53. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, May 23, 2024, and so far it has risen 5.36%. Further rise is indicated until a new top pivot has been found. 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. 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 $183.38 and $172.62.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 $183.38. If this is broken, then the next support from accumulated volume will be at $172.62 and $171.37.

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 $2.80 between high and low, or 1.44%. For the last week the stock has had daily average volatility of 1.23%.

Apple holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.

Check full Apple forecast and analysis here.