Stronger technical forecast for Apple stock price after Thursday trading.
StockInvest.us, 1 month ago
The Apple stock price gained 2.07% on the last trading day (Thursday, 2nd Nov 2023), rising from $173.97 to $177.57. 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 1.32% from a day low at $175.46 to a day high of $177.78. The price has risen in 7 of the last 10 days and is up by 1.2% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 8 million more shares were traded than the day before. In total, 64 million shares were bought and sold for approximately $11.36 billion.
On Oct 31, 2023, it was reported that Needham gave AAPL a "Buy" grade with a "hold" action.
The stock lies in the middle of a 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 -4.53% during the next 3 months and, with a 90% probability hold a price between $158.67 and $175.62 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
The Apple stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, 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 $171.26 and $174.60. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, October 26, 2023, and so far it has risen 6.40%. Further rise is indicated until a new top pivot has been found. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Apple finds support from accumulated volume at $177.56 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $2.32 (1.32%) between high and low. For the last week, the stock has had daily average volatility of 1.63%.
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 to a Hold/Accumulate candidate.
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