Apple stock upgraded from Buy Candidate to Strong Buy Candidate after Monday trading session.StockInvest.us, 2 weeks ago
The Apple stock price gained 0.93% on the last trading day (Monday, 20th Nov 2023), rising from $189.69 to $191.45. During the last trading day the stock fluctuated 1.06% from a day low at $189.88 to a day high of $191.90. The price has risen in 7 of the last 10 days and is up by 6.82% over the past 2 weeks. Volume fell on the last day by -2 million shares and in total, 45 million shares were bought and sold for approximately $8.57 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 03, 2023, it was reported that Raymond James gave AAPL a "Outperform" grade with a "hold" action.
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. $191.09 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 $214.86 sometime during the next 3 months.
Mostly positive signals in the chart today. 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 $188.21 and $178.31. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, October 26, 2023, and so far it has risen 14.72%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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.
On the downside, the stock finds support just below today's level from accumulated volume at $177.56 and $175.84.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 $175.84 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 $2.02 between high and low, or 1.06%. For the last week, the stock has had daily average volatility of 1.03%.
The Apple stock is extremely overbought on RSI14 (89). 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.
Apple holds several positive signals and has broken the wide and horizontal trend up. As the stock is in great technical shape 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.