Green day on Tuesday for Apple stock after gaining 0.374%

The Apple stock price gained 0.374% on the last trading day (Tuesday, 27th Aug 2024), rising from $227.18 to $228.03. 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 1.76% from a day low at $224.89 to a day high of $228.85. The price has risen in 7 of the last 10 days and is up by 3.06% 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, 3 million more shares were traded than the day before. In total, 33 million shares were bought and sold for approximately $7.57 billion.

On Aug 27, 2024, it was reported that Wedbush gave AAPL a "Outperform" grade with a "hold" action.

The stock lies in the middle of a wide and strong rising trend in the short term and a further rise within the trend is signaled.Given the current short-term trend, the stock is expected to rise 12.72% during the next 3 months and, with a 90% probability hold a price between $241.11 and $279.72 at the end of this 3-month period.

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 $226.48 and $222.59. 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). 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. A sell signal was issued from a pivot top point on Tuesday, July 16, 2024. Further fall is indicated until a new bottom pivot has been found.

On the downside, the stock finds support just below today's level from accumulated volume at $213.07 and $207.49.There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Apple finds support just below today's level at $213.07. If this is broken, then the next support from accumulated volume will be at $207.49 and $207.15.

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 $3.96 between high and low, or 1.76%. For the last week, the stock has had daily average volatility of 1.64%.

The Apple stock is extremely overbought on RSI14 (90). This increases the short-term risk substantially.

Several short-term signals, along with a general good trend, 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.