Red day on Wednesday for Apple stock after losing 2.03%StockInvest.us, 1 week ago
The Apple stock price fell by -2.03% on the last day (Wednesday, 21st Sep 2022) from $156.90 to $153.72. During the last trading day the stock fluctuated 3.35% from a day low at $153.60 to a day high of $158.74. The price has been going up and down for this period, and there has been a -1.44% loss for the last 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -6 million shares and in total, 101 million shares were bought and sold for approximately $15.57 billion.
Evercore ISI Group is very positive about AAPL and gave it a "$185.00 - $190.00" rating on Sep 20, 2022. The price target was changed from 185 to 190.Over the last 90 days, this security got 7 buy, 8 sell, and 0 hold ratings.
The stock lies in the lower part of a wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $151.71 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift.Given the current short-term trend, the stock is expected to rise 13.11% during the next 3 months and, with a 90% probability hold a price between $171.60 and $206.55 at the end of this 3-month period.
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Apple stock holds sell signals from both short and long-term moving averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $153.90 and $162.68. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, August 17, 2022, and so far it has fallen -11.93%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Apple finds support from accumulated volume at $150.70 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $5.14 between high and low, or 3.35%. For the last week, the stock has had daily average volatility of 2.97%.
The Apple stock holds several negative signals and despite the positive trend, we believe Apple will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.Check full Apple forecast and analysis here.