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The Apple stock price gained 0.351% on the last trading day (Wednesday, 22nd Nov 2023), rising from $190.64 to $191.31. During the last trading day the stock fluctuated 1.10% from a day low at $190.83 to a day high of $192.93. The price has risen in 6 of the last 10 days and is up by 4.6% 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, 1 million more shares were traded than the day before. In total, 38 million shares were bought and sold for approximately $7.32 billion.
On Nov 21, 2023, it was reported that KeyBanc gave AAPL a "Sector Weight" grade with a "hold" action.
The stockis at the upper part of a wide and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at $191.56 will give a strong buy signal and a trend shift could be expected.Given the current horizontal trend, you can expect Apple stock with a 90% probability to be traded between $171.16 and $195.21 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.
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 $189.75 and $179.34. 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 Monday, November 20, 2023, and so far it has fallen -0.0731%. 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 $177.56 and $176.30.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 $177.56. If this is broken, then the next support from accumulated volume will be at $176.30 and $175.01.
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 $2.11 between high and low, or 1.10%. For the last week, the stock has had daily average volatility of 1.05%.
The Apple stock is overbought on RSI14 and the RSI has been falling for the last couple of days. This together with the fact that the stock is in the upper part of the trend poses a possible good selling opportunity for the short-term trader. However, one should note that some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.
Several short-term signals 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 period.
Check full Apple forecast and analysis here.