Evaluation of Apple stock downgraded after the last trading session.StockInvest.us, 2 months ago
The Apple stock price fell by -1.82% on the last day (Friday, 29th Oct 2021) from $152.57 to $149.80. During the day the stock fluctuated 2.41% from a day low at $146.41 to a day high of $149.94. The price has risen in 6 of the last 10 days and is up by 3.42% over the past 2 weeks. Volume has increased on the last day by 35 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 123 million shares were bought and sold for approximately $18.48 billion.
On Oct 29, 2021 "Barclays" gave "$142.00 - $145.00" rating for AAPL. The price target was set to $152.57+2.5%.
The stock is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Apple stock with a 90% probability to be traded between $135.79 and $152.19 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.
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 $149.62 and $145.60. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Thursday, October 28, 2021, and so far it has fallen -1.82%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Apple finds support from accumulated volume at $148.97 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 $3.53 between high and low, or 2.41%. For the last week, the stock has had a daily average volatility of 1.59%.
Apple holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.Check full Apple forecast and analysis here.