Stronger technical forecast for Apple stock price after Monday trading.

StockInvest.us, 1 week ago

Apple

The Apple stock price gained 0.654% on the last trading day (Monday, 8th Jul 2024), rising from $226.34 to $227.82. It has now gained 5 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 last trading day the stock fluctuated 2.06% from a day low at $223.25 to a day high of $227.84. The price has risen in 9 of the last 10 days and is up by 9.8% over the past 2 weeks. Volume fell on the last day by -37 thousand shares and in total, 59 million shares were bought and sold for approximately $13.39 billion. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.

On Jul 01, 2024, it was reported that Needham gave AAPL a "Buy" grade with a "hold" action.

The stock lies in the upper part of a strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $231.55 will firstly indicate a stronger rate of rising.Given the current short-term trend, the stock is expected to rise 33.30% during the next 3 months and, with a 90% probability hold a price between $282.56 and $308.66 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 $219.64 and $203.61. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, June 21, 2024, and so far it has risen 9.80%. Further rise is indicated until a new top pivot has been found. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. 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 $4.59 between high and low, or 2.06%. For the last week, the stock has had daily average volatility of 2.09%.

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.We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Strong Buy candidate.

Check full Apple forecast and analysis here.