50% off all subscriptions! ... left. Order NowOrder Now

Green day on Thursday for Apple stock after gaining 2.5%

StockInvest.us, 4 weeks ago

Apple

The Apple stock price gained 2.50% on the last trading day (Thursday, 28th Oct 2021), rising from $148.85 to $152.57. During the day the stock fluctuated 2.30% from a day low at $149.72 to a day high of $153.17. The price has risen in 7 of the last 10 days and is up by 6.13% 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, 33 million more shares were traded than the day before. In total, 89 million shares were bought and sold for approximately $13.54 billion.

On Oct 28, 2021 "The Goldman Sachs Group" gave "$140.00" rating for AAPL. The price target was changed from $148.85 to 0.3%.

The stockis at the upper part of a wide and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at $154.99 will give a strong buy signal and a trend shift could be expected.Given the current horizontal trend, you can expect Apple stock with a 90% probability to be traded between $135.74 and $152.11 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. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.

Apple

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 $149.54 and $145.58. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, October 04, 2021, and so far it has risen 9.65%. 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 is rising along with the price. This is considered to be a good technical signal.

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 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 $3.44 (2.30%) between high and low. For the last week, the stock has had a daily average volatility of 1.32%.

The Apple stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.

Several short-term signals are positive and 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.

Check full Apple forecast and analysis here.