Evaluation of Apple stock downgraded after the last trading session.StockInvest.us, 2 months ago
The Apple stock price gained 1.15% on the last trading day (Tuesday, 29th Jun 2021), rising from $134.78 to $136.33. , and has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the day the stock fluctuated 1.59% from a day low at $134.35 to a day high of $136.49. The price has risen in 6 of the last 10 days and is up by 5.16% 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, 102 thousand more shares were traded than the day before. In total, 62 million shares were bought and sold for approximately $8.45 billion.
Morgan Stanley is very positive about AAPL and gave it a "Overweight" rating on June 24, 2021. The price target was changed from $161.00 to $162.00.Over the last 30 days, this security got 3 buy, 0 sell, and 4 hold ratings.
The stock has broken the horizontal trend up. Breaks like this are often followed by swift and strong movements, and any correction down to the breakline at approximately. $135.29 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 $147.51 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 $133.94 and $128.07. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, May 12, 2021, and so far it has risen 11.05%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 months Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.
Apple finds support from accumulated volume at $133.48 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 $2.14 between high and low, or 1.59%. For the last week, the stock has had a daily average volatility of 1.19%.
The Apple stock is extremely overbought on RSI14 (77). 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.
Several short-term signals are positive and the stock has broken the horizontal trend up, which indicates an even stronger rate of rising. We conclude that the current level may hold a buying opportunity as there is a fair chance for Apple stock to perform well in the short-term period.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Buy candidate.Check full Apple forecast and analysis here.