Stronger technical forecast for Apple stock price after Monday trading

The Apple stock price fell by -0.758% on the last day (Monday, 23rd Sep 2024) from $228.20 to $226.47. During the last trading day the stock fluctuated 1.61% from a day low at $225.81 to a day high of $229.45. The price has been going up and down for this period, and there has been a 2.52% gain 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 -238 million shares and in total, 49 million shares were bought and sold for approximately $11.08 billion.

On Sep 20, 2024, it was reported that Evercore ISI gave AAPL a "Outperform" grade with a "hold" action.

The stock is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Apple stock with a 90% probability to be traded between $212.76 and $241.76 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 stock seldom manage to go directly from the bottom of a trend up to the top. Stock 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 $222.83 and $222.03. A breakdown below any of these levels will issue sell signals. 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 Thursday, August 29, 2024, and so far it has fallen -1.44%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). 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 $222.77 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $3.64 between high and low, or 1.61%. For the last week the stock has had daily average volatility of 1.96%.

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