Green day on Wednesday for AppleStockInvest.us, 2 weeks ago
The Apple stock price gained 0.0581% on the last trading day (Wednesday, 7th Feb 2024), rising from $189.30 to $189.41. 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 1.28% from a day low at $188.61 to a day high of $191.03. The price has fallen in 6 of the last 10 days and is down by -2.62% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 9 million more shares were traded than the day before. In total, 51 million shares were bought and sold for approximately $9.73 billion.
On Feb 02, 2024, it was reported that Goldman Sachs gave AAPL a "Outperform" grade with a "upgrade" action.
The stock is moving within a horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Apple stock with a 90% probability to be traded between $179.95 and $196.58 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.
A buy signal was issued from a pivot bottom point on Wednesday, January 31, 2024, and so far it has risen 2.72%. 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. Some negative signals were issued as well, and these may have some influence on the near short-term development. 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 $189.42. On a fall, the stock will find some support from the short-term average at $187.36. 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.
Apple finds support from accumulated volume at $188.63 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 $2.42 (1.28%) between high and low. For the last week, the stock has had daily average volatility of 2.14%.
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.Check full Apple forecast and analysis here.