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The Apple stock price gained 1.04% on the last trading day (Wednesday, 10th May 2023), rising from $171.77 to $173.56. During the last trading day the stock fluctuated 1.24% from a day low at $171.90 to a day high of $174.03. The price has fallen in 6 of the last 10 days but is still up by 5.98% 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, 7 million more shares were traded than the day before. In total, 52 million shares were bought and sold for approximately $9.02 billion.
D.A. Davidson is very positive about AAPL and gave it a "" rating on Feb 03, 2023. The price target was set to 173.
The stock lies in the upper part of a strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $174.79 will firstly indicate a stronger rate of rising.Given the current short-term trend, the stock is expected to rise 16.28% during the next 3 months and, with a 90% probability hold a price between $192.20 and $203.25 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 $170.60 and $165.16. 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 Friday, May 05, 2023, and so far it has fallen -0.0086%. 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 $163.76 and $155.00.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 $163.76. If this is broken, then the next support from accumulated volume will be at $155.00 and $153.83.
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 $2.13 (1.24%) between high and low. For the last week, the stock has had daily average volatility of 1.42%.
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.
Check full Apple forecast and analysis here.