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The Apple stock gained 6.35% in the last trading day (Monday, 12th Oct 2020), rising from $116.97 to $124.40. , and 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 day the stock fluctuated 4.94% from a day low at $119.28 to a day high of $125.18. The price has risen in 6 of the last 10 days and is up by 8.21% over the past 2 weeks. Volume has increased in the last day along with the price, which is a positive technical sign, and, in total, 139 million more shares were traded than the day before. In total, 238 million shares were bought and sold for approximately $29.60 billion.
Royal Bank of Canada is very positive to AAPL and gave it "Outperform" rating on October 12, 2020. The price target was set to $111.00 - $132.00.Over the last 30 days this security got 5 buy, 0 sell and 1 hold ratings.
The stock lies in the middle of a very wide and 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 16.68% during the next 3 months and, with a 90% probability hold a price between $128.37 and $167.00 at the end of this 3-month period.
The Apple stock holds buy signals from both short and long-term moving averages, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $116.30 and $117.27. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 months 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 sales signal was issued from a pivot top point on Tuesday September 01, 2020 , and it has fallen so far -7.29%. Further fall is indicated until a new bottom pivot has been found.
Apple finds support from accumulated volume at $124.37.
This stock have average movements during a day and with good trading volume the risk is considered as medium. During the last day, the stock moved $5.90 between high and low, or 4.94%. For the last week, the stock has had daily average volatility of 2.60%.
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.We have upgraded our analysis conclusion for this stock since last evaluation from a Sell Candidate to a Buy Candidate candidate.
Check full Apple forecast and analysis here.