Green day on Wednesday for Apple

StockInvest.us, 1 week ago

Apple

The Apple stock price gained 1.88% on the last trading day (Wednesday, 10th Jul 2024), rising from $228.68 to $232.98. It has now gained 7 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 1.67% from a day low at $229.25 to a day high of $233.08. The price has risen in 9 of the last 10 days and is up by 11.44% 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, 14 million more shares were traded than the day before. In total, 62 million shares were bought and sold for approximately $14.52 billion.

On Jul 09, 2024, it was reported that Bank of America Securities gave AAPL a "Buy" grade with a "hold" action.

The stock lies in the middle of a 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 34.63% during the next 3 months and, with a 90% probability hold a price between $295.93 and $318.19 at the end of this 3-month period.

Apple

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 $224.91 and $205.95. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 41.20%. Further rise is indicated until a new top pivot has been found. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

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 $3.83 between high and low, or 1.67%. For the last week, the stock has had daily average volatility of 1.68%.

Since the Apple has been rising for 7 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.

Apple holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.

Check full Apple forecast and analysis here.