Apple stock upgraded to Hold/Accumulate.StockInvest.us, 1 month ago
The Apple stock price gained 3.08% on the last trading day (Monday, 3rd Oct 2022), rising from $138.20 to $142.45. During the last trading day the stock fluctuated 3.91% from a day low at $137.69 to a day high of $143.07. The price has fallen in 6 of the last 10 days and is down by -7.79% for this period. Volume fell on the last day by -10 million shares and in total, 114 million shares were bought and sold for approximately $16.25 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.
The last rating was given by B of A Securities on Sep 29, 2022. The price target was changed from 185 to 160.Over the last 90 days, this security got 8 buy, 8 sell, and 0 hold ratings.
The stock is at the lower part of a very wide and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $138.22 will give a strong sell signal and a trend shift may be expected.Given the current horizontal trend, you can expect Apple stock with a 90% probability to be traded between $139.05 and $176.13 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
A buy signal was issued from a pivot bottom point on Friday, September 30, 2022, and so far it has risen 3.08%. 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. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Apple stock holds sell signals from both short and long-term moving averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $146.56 and $158.16. A break-up above any of these levels will issue buy signals.
Apple finds support from accumulated volume at $141.56 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $5.38 between high and low, or 3.91%. For the last week, the stock has had daily average volatility of 3.82%.
Apple holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.Check full Apple forecast and analysis here.