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Stronger technical forecast for Apple stock after Wednesday trading.

StockInvest.us, 11 months ago

Apple

The Apple stock gained 4.08% on the last trading day (Wednesday, 4th Nov 2020), rising from $110.44 to $114.95. , 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 2.88% from a day low at $112.35 to a day high of $115.59. The price has been going up and down for this period, and there has been a -1.64% loss for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 29 million more shares were traded than the day before. In total, 135 million shares were bought and sold for approximately $15.57 billion.

Piper Sandler is very positive to AAPL and gave it a "Overweight" rating on October 22, 2020. The price target was set to $130.00 - $135.00.Over the last 30 days, this security got 6 buy, 2 sell and 1 hold ratings.

The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -2.51% during the next 3 months and, with a 90% probability hold a price between $102.46 and $128.49 at the end of this 3-month period.

Apple

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 $112.31 and $114.48. A breakdown below any of these levels will issue sell signals. 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 Monday, October 12, 2020, and so far it has fallen -7.60%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 months Moving Average Convergence Divergence (MACD).

Apple finds support from accumulated volume at $112.82.

This stock has average movements during a day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $3.24 between high and low, or 2.88%. For the last week, the stock has had daily average volatility of 3.35%.

Apple holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell Candidate to a Hold/Accumulate candidate.

Check full Apple forecast and analysis here.