Green day on Friday for Apple stock after gaining 0.687%

The Apple stock price gained 0.687% on the last trading day (Friday, 2nd Aug 2024), rising from $218.36 to $219.86. During the last trading day the stock fluctuated 3.62% from a day low at $217.71 to a day high of $225.60. The price has risen in 6 of the last 10 days but is still down by -1.98% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 41 million more shares were traded than the day before. In total, 96 million shares were bought and sold for approximately $21.18 billion.

On Aug 02, 2024, it was reported that Piper Sandler gave AAPL a "Neutral" grade with a "hold" action.

The stock lies in the lower part of a wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $219.17 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift.Given the current short-term trend, the stock is expected to rise 25.83% during the next 3 months and, with a 90% probability hold a price between $275.79 and $308.76 at the end of this 3-month period.

There are mixed signals in the stock today. The Apple stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $220.27. On a fall, the stock will find some support from the short-term average at $218.97. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. A sell signal was issued from a pivot top point on Tuesday, July 16, 2024, and so far it has fallen -6.37%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month 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 $213.07 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $7.89 (3.62%) between high and low. For the last week, the stock has had daily average volatility of 2.42%.

Apple holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.