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Apple stock upgraded to Strong Buy Candidate.

StockInvest.us, 2 months ago

Apple

The Apple stock price gained 0.74123642353426% on the last trading day (Friday, 8th Dec 2023), rising from $194.27 to $195.71. During the last trading day the stock fluctuated 1.20% from a day low at $193.67 to a day high of $195.99. The price has risen in 6 of the last 10 days and is up by 3.02% 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, 5 million more shares were traded than the day before. In total, 50 million shares were bought and sold for approximately $9.72 billion.

On Nov 24, 2023, it was reported that Wedbush gave AAPL a "Outperform" grade with a "hold" action.

The stock has broken the strong rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at $193.40, a level that may pose a second chance to hit a runner. According to fan-theory $210.39 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.

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 $192.33 and $183.61. 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 17.27%. 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 $176.30 and $175.01.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 $176.30. If this is broken, then the next support from accumulated volume will be at $175.01 and $174.21.

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 $2.32 between high and low, or 1.20%. For the last week the stock has had daily average volatility of 1.37%.

Apple holds several positive signals and has broken the strong rising trend up. As the stock is also 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.