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The Apple stock price gained 0.257% on the last trading day (Tuesday, 30th Jul 2024), rising from $218.24 to $218.80. It 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 last trading day the stock fluctuated 1.95% from a day low at $216.12 to a day high of $220.33. The price has been going up and down for this period, and there has been a -6.82% loss for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 4 million more shares were traded than the day before. In total, 40 million shares were bought and sold for approximately $8.81 billion.
On Jul 29, 2024, it was reported that Cowen & Co. gave AAPL a "Buy" grade with a "hold" action.
Given the current short-term trend, the stock is expected to rise 28.99% during the next 3 months and, with a 90% probability hold a price between $282.23 and $314.48 at the end of this 3-month period.
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. The Apple stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $220.00 and $218.93. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, July 16, 2024, and so far it has fallen -6.82%. 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).
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 $4.20 (1.95%) between high and low. For the last week, the stock has had daily average volatility of 2.33%.
The Apple stock holds several negative signals and despite the positive trend, we believe Apple will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
Check full Apple forecast and analysis here.